Did SpaceX sold Bitcoin?
SpaceX Sells Bitcoin Holdings
Notably, during the crypto crash of May 2022, both Tesla and SpaceX sold off a significant portion of their Bitcoin holdings as prices plummeted. While these sales resulted in a net loss for SpaceX, Tesla managed to break even.
Crypto analytics firm Arkham announced Thursday that it has identified the bitcoin holdings of Elon Musk's companies, Tesla and Spacex. According to the firm's analysis, Tesla owns 11,509 BTC and Spacex owns 8,285 BTC. Arkham shared on social media platform X: Arkham has identified the BTC holdings of Tesla and Spacex.
“SpaceX wrote down the value of bitcoin it owns by a total of $373 million last year and in 2021 and has sold the cryptocurrency,” the Wall Street Journal reported Thursday.
Its holding is only overshadowed by the BTC that Michael Saylor's MicroStrategy (MSTR) and bitcoin miner Marathon Digital Holdings (MARA) own. The firm, led by Elon Musk, invested $1.5 billion in bitcoin in February 2021, reportedly accumulating around 43,000 tokens.
According to an Aug. 17 report in The Wall Street Journal, SpaceX recorded $373 million worth of Bitcoin (BTC) holdings on its balance sheet in 2021 and 2022 and has reportedly sold the cryptocurrency. It hasn't been confirmed whether the entire $373 million stash was sold.
Tesla initially invested heavily in Bitcoin but then sold most of it due to environmental concerns.
Because of this, Tesla decided to sell roughly 10% of its Bitcoin holdings for a sizable gain. Specifically, it sold 4,320 Bitcoins to receive net proceeds of over $250 million. Tesla's stock price fell around 20% in the same timeframe.
It includes the following cryptocurrencies: Bitcoin. Ethereum. Dogecoin.
X Token is just the latest in an ever-growing list of Elon impersonators and cryptocurrency scammers on X under Musk's ownership. SpaceX coin, a similar scam offering a “presale” to investors, was advertising on X over the summer before it disappeared. Prior to that, Tesla Token was running rampant.
How much Bitcoin does Elon Musk have?
The co-founder of Tesla Inc. revealed on Twitter that he owns only a tiny fraction of one bitcoin token. "I literally own zero cryptocurrency, apart from . 25 BTC that a friend sent me many years ago," Musk confessed.
Musk split his remaining $30 million between SpaceX and Tesla, and NASA awarded the first Commercial Resupply Services contract awarding $1.6 billion to SpaceX in December, thus financially saving the company.
SpaceX investment summary:
Elon Musk: Founder and CEO, 54% Founders Fund: 10.4% Fidelity Investments: 10.2% Google (Google Ventures): 7.5%
Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is believed to own the most bitcoins, with estimates suggesting over 1 million BTC mined in the early days of the network.
Tesla made a $140m (£113.5m) loss on its Bitcoin investments in 2022, according to filings. The electric car maker told the US regulator it lost $204m on Bitcoin overall, though it gained back $64m through trading.
Musk's hyping of dogecoin marks a return to the frontlines for the billionaire after he repeatedly pumped the meme coin on social media, media appearances—including an appearance on “Saturday Night Live”—and the use of the “doge” meme that inspired the token to replace the iconic blue bird in Twitter's logo.
SpaceX sold its bitcoin holdings after writing down the value by $373 million in 2021 and 2022, the WSJ reported.
SpaceX Is Worth $175 Billion. Only Boeing Is Bigger.
15, 2023. SpaceX turned a profit during the first quarter due to surging revenue, The Wall Street Journal reported Thursday, citing documents detailing the privately held company's quarterly and annual results. The Journal reports that SpaceX posted a first-quarter profit of $55 million on revenue of $1.5 billion.
Musk tweeted that Tesla would no longer accept bitcoin as payment due to environmental concerns about its heavy energy use, a reversal of its acceptance of the marquee cryptocurrency just two months earlier. As a result, the price of bitcoin dropped around 15 percent.
Why Tesla buys Bitcoin?
In a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash.”
Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns, its CEO Elon Musk said in a tweet.
- Mining Bitcoin: Validating and processing bitcoin transactions.
- Lending Bitcoin: Lending your bitcoin on centralised exchanges or decentralised platforms.
- Bitcoin trading: Buying and selling Bitcoin to increase holdings.
Despite the price growth of Bitcoin in 2023, Tesla Inc., the renowned electric vehicle manufacturer, maintained its position in the cryptocurrency market. In the last quarter of the past year, the company did not record any sale or purchase of Bitcoin, thus retaining a holding of 9,720 Bitcoins.
It doesn't fully meet the criteria that make something a currency, he argues, and its volatility makes it a poor store of value. He doesn't recommend devoting a large amount of a portfolio to Bitcoin, but added that “maybe for some people there could be a small allocation.”
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