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SpaceX has sold $373 million worth of Bitcoin
Author: TURNER WRIGHT, COINTELEGRAPH; Compiler: Songxue, Jinse Finance
SpaceX has reportedly written down the value of its bitcoin holdings by a total of $373 million and may have sold all of its holdings.
**SpaceX recorded $373 million worth of bitcoin holdings on its balance sheet for 2021 and 2022, but has since sold the bitcoin, the Wall Street Journal reported on Aug. 17. **
It has not yet been confirmed whether all bitcoins worth $373 million have been sold.
According to reports, the Wall Street Journal reviewed the company's financial documents, showing total expenditures of about $5.2 billion in 2022, and $5.4 billion in 2021 and 2022 for the acquisition of property and equipment, excluding research and development costs.
**SpaceX CEO Elon Musk (Elon Musk) publicly announced in 2021 that the company has acquired a certain amount of Bitcoin. ** Earlier, a filing with the US Securities and Exchange Commission revealed that another company Musk co-founded, Tesla, planned to buy $1.5 billion worth of encrypted assets. The news could lead to a new all-time high in BTC prices above $43,000.
According to Tesla's second-quarter 2023 earnings report, the company has sold $184 million worth of bitcoins it held, leaving only $184 million worth of bitcoins. Tesla reported that it had liquidated more than 30,000 bitcoins worth $936 million in the second quarter of 2022, roughly 75% of its original $1.5 billion bitcoin holdings.
Musk, one of the world's wealthiest men, has frequently commented on certain cryptocurrencies on social media, including Dogecoin and Bitcoin, even briefly changing Twitter's then-blue bird logo to DOGE Shiba Inu. Since its $44 billion acquisition of Twitter (later renamed X) in October 2022, he said the platform could offer "the entire financial world," including banking and payment services.
The timing of SpaceX's sale of bitcoin is unclear, but the cryptocurrency market experiences a severe crash in 2022 as major companies, including Terraform Labs, fail. Many technology companies and financial institutions continue to hold bitcoin and other cryptocurrencies.