SpaceX saw valuation of Bitcoin holdings fall by $373M over two years: WSJ
Details of the company's crypto holdings are still largely unknown, but Bitcoin has not provided a return.
SpaceX’s Bitcoin (BTC) holdings have declined over a two-year period, according to a report from the Wall Street Journal on Aug. 17. According to WSJ, SpaceX wrote down its Bitcoin holdings by $373 million over the course of 2022 and 2021, including by selling the asset.
The reporting did not state how much Bitcoin the company holds or if it sold any. Furthermore, it did not explicitly state that the company has sold all of its Bitcoin, and it did not describe the extent to which SpaceX’s Bitcoin holdings were affected by fluctuating crypto market prices rather than deliberate sales.
News of SpaceX’s reduced Bitcoin holdings follow reports of Tesla’s similarly declining Bitcoin holdings. Tesla’s latest earnings report, released in July, suggests that it continues to hold just $184 million of Bitcoin. Tesla held $1.5 billion of Bitcoin at the time of its original purchase and at least $2 billion at its height.
Much has been made of Tesla’s Bitcoin holdings, reported in the company’s quarterly public earnings calls. However, SpaceX’s Bitcoin holdings are less transparent because the company is not publicly traded. The documents detailing SpaceX’s current finances were viewed privately by the WSJ and are not publicly available.
Nevertheless, past reports suggested Elon Musk’s space venture had invested in Bitcoin. Musk confirmed that SpaceX held Bitcoin during a 2021 conference but did not state how much of the cryptocurrency the company held.
SpaceX also interested in DOGE
The CEO of a partner firm, Geometric Energy Corporation (GEC), has stated that the project cost a “non-trivial amount of millions.” It is unclear whether SpaceX or GEC currently hold any of the Dogecoin involved in funding the mission.
The mission has seen numerous delays but is scheduled to begin on November 15, 2023.