SpaceX sold 373 million worth of Bitcoin between 2021-2022.
The value of Bitcoin sold by SpaceX, the aerospace technology company owned by Elon Musk, attracted attention. The company has sold millions of dollars worth of Bitcoin between 2021-2022.
SpaceX’s Bitcoin sale attracted attention
Aerospace technology company SpaceX reportedly sold about $373 million worth of Bitcoin in the 2021-2022 period. According to the Wall Street Journal’s August 17 report, SpaceX recorded $373 million worth of Bitcoin assets on its balance sheet during this period, but then put those crypto assets up for sale.
The news outlet reviewed documents on the company’s financials and said it spent about $5.2 billion in 2022 and $5.4 billion in 2021 and 2022 on property and equipment purchases, as well as research and development costs.
SpaceX CEO Elon Musk announced that the company bought a certain amount of Bitcoin in 2021. This statement came after a US Securities and Exchange Commission filing that showed Tesla made a similar move. Tesla sold more than 30,000 BTC for $936 million in the second quarter of 2022, disposing of most of its original $1.5 billion Bitcoin holdings. Elon Musk is a well-known name, frequently commenting on cryptocurrencies on social media.
While the timing of SpaceX’s Bitcoin sale isn’t clear, it’s stated that it coincided with the time the crypto market suffered a significant drop in 2022 during the collapse of Terraform Labs and other major firms. Many technology and finance companies still hold Bitcoin and other crypto assets.
