SpaceX sold $373M worth of Bitcoin acquired in 2021-2022: Report

Aerospace exertion steadfast SpaceX reportedly sold astir $373 cardinal worthy of Bitcoin (BTC) it acquired starting successful 2021.

According to an Aug. 17 study successful the Wall Street Journal, SpaceX recorded $373 cardinal worthy of Bitcoin holdings connected its equilibrium expanse successful 2021 and 2022, but has since sold the crypto asset. The quality outlet reportedly viewed documents connected the firm’s financials showing astir $5.2 cardinal successful full expenses for 2022, and $5.4 cardinal successful 2021 and 2022 for acquiring spot and instrumentality successful summation to probe and improvement costs.

SpaceX CEO Elon Musk publically announced successful 2021 that the steadfast had acquired a definite magnitude of Bitcoin. This followed a U.S. Securities and Exchange Commission filing showing Tesla — different institution co-founded by Musk — planned to acquisition $1.5 cardinal worthy of the crypto asset. The announcement apt contributed to BTC hitting a past all-time precocious terms of much than $43,000.

According to Tesla's Q2 2023 net report, the steadfast had sold each but $184 million worthy of its Bitcoin holdings. Tesla reported it had liquidated much than 30,000 BTC successful the 2nd 4th of 2022 for $936 cardinal — astir 75% of its $1.5-billion BTC archetypal holdings. 

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Musk, 1 of the richest radical successful the world, has often taken to societal media to remark connected definite cryptocurrencies including Dogecoin (DOGE) and Bitcoin, adjacent briefly changing Twitter's past bluish vertebrate logo to the DOGE Shiba Inu. Since his $44-billion acquisition of Twitter — aboriginal rebranded to X — successful October 2022, helium has suggested the platform could connection an ”entire fiscal world” including banking and outgo services.

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The timing of SpaceX’s reported Bitcoin merchantability is unclear, but the crypto marketplace experienced a important clang successful 2022 amid the illness of large firms including Terraform Labs. Many exertion firms and fiscal institutions continue to clasp Bitcoin and different cryptocurrencies.

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