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Monday 08 July, 2024
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SpaceX sold all of its $373 million worth of bitcoins: Report

BY Shahzad Saeed Aug 18, 2023. 08:31 pm

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The aerospace technology firm SpaceX reportedly sold the Bitcoin it had accumulated since 2021 for about $373 million.

According to a story in The Wall Street Journal on August 17, despite having $373 million in Bitcoin assets on its balance sheet in 2021 and 2022, SpaceX later sold the virtual currency. According to the news organization’s investigation into the company’s financial records, costs for real estate and equipment purchases, as well as for R&D, would total about $5.2 billion in 2022 and $5.4 billion in 2021 and 2022, respectively.

Elon Musk, the CEO of SpaceX, publicly disclosed that the business will buy a specific quantity of Bitcoin in 2021. This happened after a Securities and Exchange Commission filing revealed Musk’s other company, Tesla, intended to pay $1.5 billion to acquire the cryptocurrency asset. The comment most likely contributed to BTC reaching its then-record high price of $43,000.

Tesla reported that it had sold all of its Bitcoin-related assets, with the exception of $184 million, in its second-quarter 2023 financial report. According to Tesla, it sold more than 30,000 bitcoins for $936 million in the second quarter of 2022, or nearly 75% of its initial $1.5 billion in bitcoin holdings.

Musk, one of the wealthiest people on the planet, frequently discusses cryptocurrencies like Dogecoin and Bitcoin on social media. In the past, he even briefly replaced the blue bird with the DOGE shiba inu logo on Twitter. He has said the network would give access to the “entire financial world,” including banking and payment services, since purchasing Twitter for $44 billion in October 2022 and later rebranding it as X.

The exact date of SpaceX’s alleged Bitcoin transaction is unknown, but in 2022, when well-known businesses like Terraform Labs failed, the value of cryptocurrencies fell sharply. Many financial and IT firms continue to hold Bitcoin and other cryptocurrencies.

Read more: Who was Ruben Armendariz? Killed three kids and his estranged wife

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