SpaceX has held bitcoin for years with out ever having to point out why to the general public market investors. That’s about to trade.
Bloomberg reported behind Friday that Elon Musk’s rocket and satellite tv for pc firm is focused on a confidential IPO filing with the SEC as soon as March, holding it heading within the correct course for a June checklist that will perhaps maybe be the excellent in historical previous. The firm is anticipated to eye a valuation above $1.75 trillion and elevate as mighty as $50 billion, eclipsing Saudi Aramco’s 2019 file of $29 billion.
Buried interior that filing will seemingly be 8,285 bitcoin.
Arkham Intelligence data shows SpaceX’s identified wallets held about $544.8 million in $BTC as of Saturday morning, spread actual via 43 addresses in Coinbase Prime custody.
The steadiness has remained roughly loyal around 8,300 $BTC since as a minimum early 2026, however the greenback rate has moved sharply within the abominable course. In December, when CoinDesk reported on the holdings forward of the deliberate checklist, the same stack modified into rate roughly $780 million at bitcoin’s then stamp shut to $92,500.
By early February, when the SpaceX-xAI merger introduced the pickle attend into point of curiosity, it had dropped to around $650 million with bitcoin shut to $78,000.
Now it sits around $545 million. That’s a $235 million decline in rate over three months with out SpaceX touching a single coin.
That formulation SpaceX’s S-1 will expose bitcoin-linked paper losses for any period the build $BTC declined, and future quarterly earnings will lift that volatility no subject whether the firm buys or sells.
The Tesla example
Tesla affords the closest precedent, and it is now not reassuring.
Musk’s automaker has booked an total lot of millions in paper losses within the course of previous drawdowns no subject never changing its pickle, establishing routine headline possibility that overshadowed the underlying industry. SpaceX may maybe perhaps perhaps soon face the same dynamic, other than its first disclosure arrives within the course of regarded as one of bitcoin’s sharpest corrections in years somewhat than within the course of a rally.
Nonetheless, it is rate noting that Tesla reported complete earnings of $94.8 billion and inferior profit of $17 billion in 2025. So having millions of bitcoin paper losses in its steadiness sheet couldn’t cross the needle mighty for Elon Musk’s companies.
SpaceX’s $BTC portfolio peaked shut to $2 billion in behind 2021, crashed via 2022, and has spent the previous two years fluctuating between $400 million and $800 million.
As such, SpaceX has proven no inclination to interchange its pickle. No longer like Tesla, which sold and repurchased bitcoin, the Arkham data suggests SpaceX has simply held via every cycle.
