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SpaceX sold $373 million in Bitcoin purchased in 2021-2022: Report
According to a report, SpaceX has successfully divested itself of Bitcoin holdings acquired during the period of 2021-2022, amounting to a total value of $373 million
Following an SEC filing suggesting Tesla planned to purchase $1.5 billion in Bitcoin, Elon Musk disclosed in 2021 that SpaceX had some Bitcoin holdings.
SpaceX, an aerospace technology company, reportedly wrote down the value of its Bitcoin holdings by $373 million and may have sold all of its assets.
According to a Wall Street Journal report from August 17, SpaceX recorded $373 million in Bitcoin assets on its balance sheet in 2021 and 2022, but has since wrote down the value and sold the cryptocurrency.
It is unknown whether the entire $373 million cache was sold.
"SpaceX wrote down the value of bitcoin it owns by a total of $373 million last year and in 2021 and has sold the cryptocurrency," according to the Wall Street Journal.
According to the news site, documentation on the firm's financials reveal approximately $5.2 billion in overall expenses for 2022, and $5.4 billion in 2021 and 2022 for acquiring property and equipment, as well as research and development costs.
Elon Musk, CEO of SpaceX, publicly declared in 2021 that the company had purchased a particular amount of Bitcoin. This came after a Securities and Exchange Commission filing revealed that Tesla, another business co-founded by Musk, planned to buy $1.5 billion in cryptocurrency. The announcement most certainly helped to BTC reaching an all-time high of more than $43,000.
According to Tesla's second-quarter 2023 financial report, the company has sold all of its Bitcoin assets except $184 million. Tesla announced that in the second quarter of 2022, it liquidated more than 30,000 BTC for $936 million, representing about 75% of its original $1.5 billion BTC holdings.
Musk, one of the world's richest individuals, has frequently used social media to remark on cryptocurrencies such as Dogecoin and Bitcoin, even momentarily altering Twitter's then-blue bird logo to the DOGE shiba inu. Since purchasing Twitter — later rebranded to X — for $44 billion in October 2022, he has stated that the network may offer a "entire financial world," including banking and payment services.
The time of SpaceX's purported Bitcoin sale is unknown, although the cryptocurrency market saw a big slump in 2022 as a result of the failure of large enterprises such as Terraform Labs. Bitcoin and other cryptocurrencies are still held by many technology companies and financial institutions.
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