Aerospace technology firm SpaceX reportedly sold roughly $373 million worth of Bitcoin (BTC) it acquired starting in 2021.
According to an Aug. 17 report in the Wall Street Journal, SpaceX recorded $373 million worth of Bitcoin holdings on its balance sheet in 2021 and 2022, but has since sold the crypto asset. The news outlet reportedly viewed documents on the firm’s financials showing roughly $5.2 billion in total expenses for 2022, and $5.4 billion in 2021 and 2022 for acquiring property and equipment in addition to research and development costs.
SpaceX CEO Elon Musk publicly announced in 2021 that the firm had acquired a certain amount of Bitcoin. This followed a U.S. Securities and Exchange Commission filing showing Tesla — another company co-founded by Musk — planned to purchase $1.5 billion worth of the crypto asset. The announcement likely contributed to BTC hitting a then all-time high price of more than $43,000.
According to Tesla’s Q2 2023 earnings report, the firm had sold all but $184 million worth of its Bitcoin holdings. Tesla reported it had liquidated more than 30,000 BTC in the second quarter of 2022 for $936 million — roughly 75% of its $1.5-billion BTC original holdings.
Musk, one of the richest people in the world, has often taken to social media to comment on certain cryptocurrencies including Dogecoin (DOGE) and Bitcoin, even briefly changing Twitter’s then blue bird logo to the DOGE Shiba Inu. Since his $44-billion purchase of Twitter — later rebranded to X — in October 2022, he has suggested the platform could offer an ”entire financial world” including banking and payment services.
Doges ftw pic.twitter.com/bl0trQ7BdU
— Elon Musk (@elonmusk) July 19, 2023
The timing of SpaceX’s reported Bitcoin sale is unclear, but the crypto market experienced a significant crash in 2022 amid the collapse of major firms including Terraform Labs. Many technology firms and financial institutions continue to hold Bitcoin and other cryptocurrencies.