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 <p><span class="s1">SpaceX, the aerospace manufacturer founded by Elon Musk, has reportedly sold its entire Bitcoin holdings. According to a <span class="s2">report by the Wall Street Journal</span>, the company had roughly $373 million worth of BTC on its balance sheet in 2021 and 2022.</span></p> 
 <p><span class="s1">The report did not specify when SpaceX sold its Bitcoin holdings, but the company likely offloaded</span> them in recent months, coinciding with the pronounced decline in Bitcoin’s value. The cryptocurrency has endured a significant drop, losing over 50% of its peak value of $68,789,<span class="s1"> recorded in November 2021.</span></p> 
 <p><span class="s1">This development sheds light on the company’s investment strategy and its role within the evolving landscape of cryptocurrencies. Additional documentation revealed that SpaceX liquidated its Bitcoin holdings and undertook a write-down of the cryptocurrency’s value by $373 million throughout 2021 and 2022.&nbsp;</span></p> 
 <p><span class="s1">This financial move echoes a similar strategy implemented by Tesla, another of Musk’s ventures, which adjusted its Bitcoin holdings in response to market fluctuations. </span></p> 
 <p><span class="s1">Furthermore, a glimpse into SpaceX’s financial reports indicates substantial expenditures. Approximately $5.2 billion in expenses were incurred during 2022, with a comparable $5.4 billion during 2021 and 2022. These expenditures encompassed property and equipment acquisitions and research and development costs.</span></p> 
 <h2 class="wp-block-heading" id="h-tesla-s-involvement-and-strategic-moves"><span class="s1">Tesla’s Involvement and Strategic Moves</span></h2> 
 <p><span class="s1">Elon Musk’s influence extends beyond SpaceX, as he is also at the helm of Tesla. In 2022, Tesla made headlines by <span class="s2">selling approximately 75% of its initial $1.5 billion Bitcoin investment.</span> In its second-quarter earnings statement, the company said:&nbsp;</span></p> 
 <blockquote class="wp-block-quote"> 
  <p><span class="s1">As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency.</span></p> 
 </blockquote> 
 <p><span class="s1">The company mentioned that the resulting cash infusion amounted to $936 million. While SpaceX remains silent on the reason behind selling its bitcoins, Musk explained that Tesla had sold Bitcoin to <span class="s2">cover production expenses in China</span>, which were impacted by the COVID-19 pandemic.</span></p> 
 <h2 class="wp-block-heading" id="h-elon-musk-a-crypto-enthusiast"><span class="s1">Elon Musk: A Crypto Enthusiast</span></h2> 
 <p><span class="s1">Elon Musk’s keen interest in cryptocurrencies has been evident for a long time. He</span> publicly acknowledged SpaceX’s involvement with cryptocurrencies, especially Bitcoin, in 2021. This disclosure came after Tesla declared its plan to invest $1.5 billion in Bitcoin, which significantly<span class="s1"> boosted Bitcoin’s value, pushing it to a record high of $43,000.</span></p> 
 <p><span class="s1">While Musk has shown interest in various cryptocurrencies, The tech icon playfully interacted with the <span class="s2">Dogecoin community,</span> and he even changed Twitter’s logo to showcase the Shiba Inu connected with Dogecoin.</span></p> 
 <p><span class="s1">The precise impact of SpaceX’s sale of Bitcoin on the cryptocurrency market is</span> still uncertain and is<span class="s1"> being discussed. Nevertheless, a noticeable reaction occurred in the market after the news broke. Bitcoin experienced a sudden decrease of around 8% in just 10 minutes on August 17.&nbsp;</span></p> 
 <figure class="wp-block-image alignnone wp-image-431065"> 
  <img decoding="async" width="300" height="216" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20300%20216'%3E%3C/svg%3E" alt="Bitcoin dropped to a low of $25,409 " class="wp-image-431065" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/08/18/ad547a04751baee7bc2ac1acae44838d.webp 300w, https://cdn.thebittimes.com/images/2023/08/18/ad547a04751baee7bc2ac1acae44838d.webp 768w, https://cdn.thebittimes.com/images/2023/08/18/ad547a04751baee7bc2ac1acae44838d.webp 861w" data-lazy-sizes="(max-width: 300px) 100vw, 300px" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/18/ad547a04751baee7bc2ac1acae44838d.webp"> 
  <noscript> 
   <img decoding="async" width="300" height="216" src="https://cdn.thebittimes.com/images/2023/08/18/ad547a04751baee7bc2ac1acae44838d.webp" alt="Bitcoin dropped to a low of $25,409 " class="wp-image-431065" srcset="https://cdn.thebittimes.com/images/2023/08/18/ad547a04751baee7bc2ac1acae44838d.webp 300w, https://cdn.thebittimes.com/images/2023/08/18/ad547a04751baee7bc2ac1acae44838d.webp 768w, https://cdn.thebittimes.com/images/2023/08/18/ad547a04751baee7bc2ac1acae44838d.webp 861w" sizes="(max-width: 300px) 100vw, 300px"> 
  </noscript> 
  <figcaption class="wp-element-caption">
    Bitcoin dropped to a low of $25,409 (Source: Coinmarketcap) 
  </figcaption> 
 </figure> 
 <p><span class="s1">According to Coinmarketcap, this rapid decline caused Bitcoin’s value to fall below the $26,000 mark before it partially recovered.</span></p> 
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SpaceX Sold $373 Million Worth of Bitcoin Acquired in 2021-2022

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