Aerospace technology company SpaceX has reportedly written down the value of its bitcoin holdings by a combined $373 million in the last year and the year before, and may have sold all of its bitcoin holdings, according to reports.
According to a Wall Street Journal report on August 17, SpaceX recorded In 2021 and 2022, it holds $373 million worth of Bitcoin (BTC) on its balance sheet and has reportedly sold the cryptocurrency.
It has not been confirmed whether the entire collection, valued at $373 million, has been sold.
According to the Wall Street Journal, “Last year and 2021, SpaceX wrote down a total of $373 million in the value of its bitcoin holdings and sold the cryptocurrency.”
The news outlet reportedly reviewed the company’s financial documents, which showed total spending of about $5.2 billion in 2022, and $5.4 billion in 2021 and 2022 to acquire property and equipment, excluding research and development costs.
SpaceX CEO Elon Musk (Elon Musk) publicly announced in 2021 that the company has acquired a certain amount of Bitcoin. Earlier, a document filed by the US Securities and Exchange Commission showed that Tesla, another company co-founded by Musk, planned to buy $1.5 billion worth of encrypted assets. The news could lead to a new all-time high in BTC prices above $43,000.
According to Tesla’s second-quarter 2023 earnings report, the company has sold $184 million worth of bitcoin it held, leaving only $184 million worth of it. Tesla reported that it had liquidated more than 30,000 bitcoins worth $936 million in the second quarter of 2022, roughly 75% of its original $1.5 billion bitcoin holdings.
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Musk, one of the world’s wealthiest men, frequently commented on certain cryptocurrencies on social media, including Dogecoin (DOGE) and Bitcoin, even briefly changing Twitter’s then-blue bird logo to DOGE Shiba Inu. Since its $44 billion acquisition of Twitter (later renamed X) in October 2022, he said the platform could offer “the entire financial world,” including banking and payment services.
governor ftw pic.twitter.com/bl0trQ7BdU
— Elon Musk (@elonmusk) July 19, 2023
The timing of the reported Bitcoin sale by SpaceX is unclear, but the cryptocurrency market experiences a severe crash in 2022 due to the collapse of major companies including Terraform Labs. Many technology companies and financial institutions continue to hold bitcoin and other cryptocurrencies.
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Update (11:03 PM UTC, Aug. 17): This article has been updated to reflect that it has not been confirmed whether all of the Bitcoin held by SpaceX has been sold, or only some.
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