At the time of writing, it is unclear where SpaceX's $373 million of Bitcoin has gone.
In the ever-volatile world of cryptocurrency, even giants like aerospace tech leader SpaceX aren't immune to shifts in crypto value fluctuations. Recent reports suggest that the company significantly reduced its Bitcoin holdings, with the value written down by a staggering $373 million throughout 2021 and 2022.
This news, uncovered by The Wall Street Journal on August 17th, noted that SpaceX listed Bitcoin worth $373 million on its balance sheets during those two years. However, the 2023 SpaceX balance sheet lacks information about the company's Bitcoin holdings.
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Therefore, the catch lies in the uncertainty surrounding whether they sold off this entire Bitcoin supply. It is worth noting that, in its report, WSJ stated:
SpaceX wrote down the value of Bitcoin it owns by a total of $373 million last year and in 2021 and has sold the cryptocurrency.
Going deeper into SpaceX's financial journey, the news outlet accessed documents revealing that SpaceX had accumulated expenses worth approximately $5.2 billion in 2022. Interestingly, this also included a whopping $5.4 billion across 2021 and 2022, allocated for property acquisition, research & development efforts, and equipment purchases.
Elon Musk, the charismatic CEO of SpaceX, made headlines in 2021 when he revealed that the company had acquired Bitcoin. Following the announcement, the news broke that Tesla, another brainchild of Musk, planned to purchase $1.5 billion of Bitcoin. These announcements in 2021 arguably played a part in pushing Bitcoin to a then-record price of $43,000.
While Musk's impact on the crypto world is undeniable, the specifics of SpaceX's Bitcoin dealings remain slightly murky. Especially as 2022 witnessed a considerable crypto market plummet spurred by the downfall of giants like Terraform Labs.
Even as the crypto world swirls with volatility and rapid shifts, it's intriguing to see titans like SpaceX navigating this landscape. Whether they've liquidated their entire Bitcoin reserve or not, one thing is clear, the dance between tech magnates and cryptocurrencies is far from over.
