Elon Musk’s SpaceX sold all of its $373 million bitcoins: Report

According to reports, the aerospace technology company SpaceX sold Bitcoin it had amassed starting in 2021 for about $373 million.

The Wall Street Journal reported on August 17 that although SpaceX had $373 million worth of Bitcoin assets on its balance sheet in 2021 and 2022, it had subsequently sold the digital currency. The news organisation apparently looked into financial records for the company, which showed that costs for purchasing property and equipment, as well as for research and development, would reach about $5.2 billion in 2022 and $5.4 billion in 2021 and 2022.

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Elon Musk, the CEO of SpaceX, revealed in public that the company has purchased a specific amount of Bitcoin in 2021. This came after a U.S. Securities and Exchange Commission filing revealing Tesla, a different business co-founded by Musk, intended to buy the cryptocurrency asset for $1.5 billion. The statement probably helped BTC reach its then-record high price of more over $43,000.

In its second-quarter 2023 financial report, Tesla stated that company has sold all of its Bitcoin assets, with the exception of $184 million. In the second quarter of 2022, according to Tesla, it sold more than 30,000 bitcoins for $936 million, or nearly 75% of its initial $1.5 billion in bitcoin holdings.

One of the richest individuals in the world, Musk frequently uses social media to discuss cryptocurrencies like Dogecoin and Bitcoin. He even briefly replaced Twitter’s DOGE shiba inu emblem with the blue bird in the past. Since acquiring Twitter for $44 billion in October 2022 and later rebranding it as X, he has stated the network would provide access to the “entire financial world,” including banking and payment services.

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The timing of SpaceX’s alleged Bitcoin transaction is unknown, but in 2022, when prominent companies like Terraform Labs failed, there was a dramatic decline in the value of cryptocurrencies. Bitcoin and other cryptocurrencies are still held by a lot of financial and IT companies.