Bitcoin news: Elon Musk's SpaceX’s $780 million bitcoin stack now down to about $545 million ahead of IPO filing
SpaceX's $780 million bitcoin holding has dropped to approximately $545 million as the company prepares for a confidential IPO filing.Summary
Elon Musk's SpaceX is reportedly targeting a confidential IPO filing with the SEC as soon as March, aiming for a June listing that could be the largest in history with a valuation exceeding $1.75 trillion. Buried within this filing will be the disclosure of its substantial bitcoin holdings, currently totaling about 8,285 BTC held in Coinbase Prime custody, valued around $545 million as of Saturday morning. This represents a significant paper loss of $235 million over the past three months, down from a peak valuation of roughly $780 million in December. The company has shown no inclination to trade its position, simply holding through market cycles, similar to Tesla's precedent, which means future earnings reports will reflect this volatility. Despite the paper losses, the scale of SpaceX's overall business suggests this crypto portfolio fluctuation may not significantly impact the bottom line.
(Source：CoinDesk)