Elon Musk’s Space Company SpaceX Reveals How Many Bitcoins (BTC) It Holds! Here Are the Details

Elon Musk’s space company SpaceX, in preparation for its initial public offering, revealed a remarkable Bitcoin asset in Form S-1 submitted to the US Securities and Exchange Commission (SEC).

The document states that as of December 31, the company held a total of 18,712 Bitcoins, which were purchased at a cost of approximately $661 million. This indicates that the company paid an average of approximately $35,000 per Bitcoin.

Based on current market prices, SpaceX’s Bitcoin reserves are worth approximately $1.45 billion. This makes the company the seventh largest institutional Bitcoin holder in the world, surpassing the reserves of some major cryptocurrency companies.

SpaceX is known to have first started investing in Bitcoin in 2021. Around the same time, Tesla, another of Elon Musk’s companies, also made headlines with a $1.5 billion Bitcoin investment.

However, in subsequent years, both Tesla and SpaceX have periodically reduced their reserves. According to data from the blockchain analytics platform Arkham, the company’s wallet balance had fallen to as low as 6,095 $BTC last year.

Analysts point out that fluctuations in Bitcoin prices can create significant volatility in company balance sheets due to the accounting standards applied by publicly traded companies. Despite this, SpaceX’s announcement of another large $BTC reserve has been interpreted as a sign that institutional companies’ long-term confidence in Bitcoin remains.

On the other hand, SpaceX argued in its SEC filing that it possesses “one of the largest addressable markets in human history” on a global scale. The company estimates the total potential market size to be approximately $28.5 trillion.

*This is not investment advice.