SpaceX wrote down bitcoin holdings by $373 million: WSJ

Companies • August 17, 2023, 5:09PM EDT

Published 1 minute earlier on

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Quick Take

“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.

Elon Musk's space firm SpaceX wrote down the value of bitcoin it held by a total of $373 million last year and in 2021, the Wall Street Journal reported Thursday, citing documents it said provided a rare look into the firm's financials.

The paper also said the rocket company had sold bitcoin, but it didn't specify how much or when.

Musk mentioned in a 2021 talk that SpaceX owned bitcoin, but it wasn't known how much at the time since the firm is private.

Tesla also held bitcoin

Tesla, the other Musk-led company known for its electric vehicles, also owned bitcoin. In the same 2021 event, Musk said that Tesla had added $1.5 billion in bitcoin to the firm's balance sheet.

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The company has since sold $936 million worth of bitcoin, The Block previously reported.

Musk has been a longtime cryptocurrency aficionado, having the logo for the popular memecoin Dogecoin symbol "Ð" in the bio of his X social media page. His posts about about various tokens are known to move their prices.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.