Elon Musk’s SpaceX holds $1.45 billion worth of bitcoin as firm looks to go public
Elon Musk’s SpaceX reported holding 18,712 bitcoins, according to the Form S-1 it filed with the U.S. Securities and Exchange Commission in preparation for a public listing.
SpaceX began acquiring bitcoin (BTC) in 2021, around the same time as Tesla's well-known $1.5 billion purchase that year. The firm has since trimmed its holdings, with Arkham reporting its stash had been reduced as low as 6,095 BTC last year.
Tesla also sold off a bulk of its bitcoin holdings in 2022. Due to the fair value accounting system used by publicly traded companies, holding bitcoin can often cause earnings volatility from price swings.
On Wednesday, Arkham showed SpaceX holding about 8,280 BTC, around the same amount that Bitcoin Treasuries reported.
A stockpile of over 18,000 would make SpaceX the seventh-largest Bitcoin holder, ahead of Coinbase. The holdings are worth over $1.45 billion at bitcoin’s current price.
In the S-1, SpaceX said it has identified the "largest actionable total addressable market in human history," estimating its quantifiable TAM is $28.5 trillion.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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