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Aerospace technology firm SpaceX reportedly sold roughly $373 million worth of Bitcoin (
$77,051.00 ) (BTC) it acquired starting in 2021.
According to an Aug. 17 report in the Wall Street Journal, SpaceX recorded $373 million worth of Bitcoin ( $77,051.00 ) 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 ( $77,051.00 ) . 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 ( $77,051.00 ) 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.
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Musk, one of the richest people in the world, has often taken to social media to comment on certain cryptocurrencies including Dogecoin (
$0.098 ) (DOGE) and Bitcoin ( $77,051.00 ) , 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 ( $77,051.00 ) 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 ( $77,051.00 ) and other cryptocurrencies.
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