At its peak, SpaceX sat on roughly 28,000 Bitcoin — a place then valued at round $1.8 billion. Right this moment, that quantity stands at 8,285 BTC, value roughly $574 million. The corporate shed practically 70% of its authentic holdings over a two-year stretch that coincided with one in every of crypto’s worst downturns.
A Treasury Quietly Lower Down
In August 2023, a Wall Avenue Journal report primarily based on reviewed monetary paperwork revealed that SpaceX wrote down $373 million in Bitcoin worth throughout 2021 and 2022 and had bought its cryptocurrency holdings, although the extent of the sale was not disclosed.
The disclosure despatched Bitcoin briefly beneath $25,000 and triggered over $386 million in futures liquidations. SpaceX, as a non-public firm, was by no means required to elucidate the sell-off publicly. The timing, experiences famous, tracked carefully with the collapse of main crypto companies together with Terraform Labs and FTX.
BITCOIN COMPANY LAUNCHING SATELLITES
SpaceX simply launched 29 Starlink satellites – and holds 8,285 BTC ($573.8M).
With ~10,000 satellites in orbit and a possible $1.75T IPO, one of many world’s largest corporations is bringing Bitcoin onto its steadiness sheet. Learn extra beneath: pic.twitter.com/oUxtDoimee
— Arkham (@arkham) March 21, 2026
That decreased stack is now heading into the highlight. SpaceX is making ready for what could possibly be the biggest preliminary public providing in historical past — a list that Bloomberg reported in late February may increase as a lot as $50 billion and push the corporate’s valuation to round $1.75 trillion. For context, Saudi Aramco’s 2026 debut raised $29 billion. A SpaceX itemizing would blow previous that determine.
What The IPO Adjustments
At a $1.75 trillion valuation, the $574 million in Bitcoin on SpaceX’s books is a drop within the ocean. However the symbolism carries actual weight. Only a few of the world’s largest corporations maintain Bitcoin as a steadiness sheet asset, and an organization of SpaceX’s scale going public with BTC in its books would put that observe in entrance of a brand new class of institutional traders.
On March 19, SpaceX launched 29 Starlink satellites from Cape Canaveral aboard a Falcon 9 rocket, a routine mission for a corporation that’s now the world’s busiest launch supplier.
Starlink’s constellation has grown to just about 10,000 satellites in orbit. Information reveals the service had 9.2 million lively customers globally on the finish of 2025, and income is projected to hit $24 billion in 2026 — up from $10 billion the 12 months earlier than. That development is the engine driving SpaceX’s valuation case forward of the itemizing.
Arkham Intelligence, which tracks on-chain knowledge, locations SpaceX 18th amongst company Bitcoin holders worldwide. Technique, previously generally known as MicroStrategy, holds over 761,000 BTC and has set a public goal of reaching 1 million cash earlier than year-end 2026.
Bitcoin was buying and selling at roughly $70,650 on the time of publication.
Featured picture from Unsplash, chart from TradingView
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