- It is reported that SpaceX, the aviation technology company, sold its Bitcoin acquired since 2021 for approximately $373 million.
- SpaceX CEO Elon Musk announced to the public in 2021 that the company had acquired a certain amount of Bitcoin. This was followed by an application by Tesla, another company co-founded by Musk, to purchase $1.5 billion worth of crypto assets.
- Musk, one of the richest people in the world, has frequently commented on specific cryptocurrencies such as Dogecoin and Bitcoin on social media, and even changed Twitter’s logo to DOGE for a period of time.
It has been revealed in the latest reports of Elon Musk’s aviation technology company SpaceX that the company has sold its Bitcoin assets.
SpaceX Sold Its Bitcoins Acquired in 2021 and 2022
It is reported that the aviation technology company SpaceX sold its Bitcoin acquired since 2021 for approximately $373 million. According to a report dated August 17th, SpaceX held $373 million worth of Bitcoin in its balance sheet in 2021 and 2022, but later sold the crypto asset.
BREAKING: It has been reported that SpaceX has sold $373 million worth of #Bitcoin‘s acquired in 2021-2022.
— CO NEWS (@coinotagen) August 17, 2023
When the news source examined the company’s financial documents, it found that SpaceX spent a total of $5.2 billion for 2022 and $5.4 billion for property and equipment acquisition and research and development costs for 2021 and 2022.
SpaceX CEO Elon Musk announced to the public in 2021 that the company had acquired a certain amount of Bitcoin. This was followed by a filing with the U.S. Securities and Exchange Commission (SEC) by Tesla, another company co-founded by Musk, stating that it planned to purchase $1.5 billion worth of crypto assets. This announcement contributed to BTC reaching a historical peak price above $43,000 at that time.
According to Tesla’s Q2 2023 earnings report, the company held only $184 million worth of Bitcoin assets. Tesla reported that it liquidated over 30,000 BTC for $936 million in the second quarter of 2022, which is approximately 75% of their original $1.5 billion BTC holdings.
Elon Musk’s Love for DOGE and BTC
Musk, one of the richest people in the world, has frequently commented on specific cryptocurrencies such as Dogecoin and Bitcoin on social media, and even changed Twitter’s logo to DOGE for a period of time. Since his $44 billion acquisition of Twitter in October 2022, which was later rebranded as X, he suggested that the platform could offer a “full financial world” including banking and payment services.
The timing of SpaceX’s reported Bitcoin sale is uncertain, but the crypto market experienced a significant decline in 2022 due to the collapse of major companies like Terraform Labs. Many technology companies and financial institutions still hold Bitcoin and other cryptocurrencies.
