SpaceX, the aerospace manufacturer, has made notable investments in Bitcoin over the years. Initially, the company’s Bitcoin holdings reached nearly 28,000 BTC, with a valuation of around $1.8 billion. Recently, however, SpaceX has reduced its Bitcoin cache to about 8,285 BTC, now valued at around $574 million. This reduction of nearly 70% has occurred during one of the most challenging periods in the crypto market.

Strategic Financial Moves

A recent financial report indicated that SpaceX wrote down approximately $373 million in Bitcoin value during 2021 and 2022. The company has also sold a portion of its cryptocurrency assets, though details on the total amount remained undisclosed.

This selling action impacted Bitcoin’s market price, briefly dropping it below the $25,000 mark and causing significant liquidations in the futures market. As a privately held entity, SpaceX was not obligated to publicly clarify its trading decisions. Analysts believe the timing corresponded closely with the failures of significant players in the crypto space, including Terraform Labs and FTX.

SPACE COMPANY EXPANDING TECH INITIATIVES

SpaceX has successfully launched 29 new Starlink satellites, while holding a total of 8,285 BTC ($573.8M).

The company, with around 10,000 satellites currently in orbit, is making moves towards a potential $1.75 trillion IPO. Learn more here: pic.twitter.com/oUxtDoimee

— Arkham (@arkham) March 21, 2026

The remaining Bitcoin holdings are gaining new attention as SpaceX prepares for what could be the most lucrative initial public offering in history. Bloomberg reports suggest that this listing could generate up to $50 billion, potentially elevating the company’s valuation to around $1.75 trillion. By comparison, Saudi Aramco’s IPO in 2016 was previously the largest, raising $29 billion. A SpaceX IPO could surpass that.

Implications of the IPO

If SpaceX achieves a valuation of $1.75 trillion, the $574 million in Bitcoin may seem minor in relation to overall assets. However, the implications of such visibility are significant. Very few prominent companies carry Bitcoin on their balance sheets, and SpaceX publically adopting this strategy may influence other corporate entities.

On March 19, SpaceX launched 29 Starlink satellites with its Falcon 9 rocket from Cape Canaveral, continuing its reputation as the leading launch provider globally.

The Starlink project has expanded to include nearly 10,000 satellites in orbit. With data indicating a rise to 9.2 million active users worldwide by the end of 2025, revenue forecasts predict a substantial jump to $24 billion in 2026, up from $10 billion in the previous year. This rapid growth is a crucial factor in SpaceX’s valuation trajectory leading up to the IPO.

According to Arkham Intelligence, SpaceX ranks 18th among companies holding Bitcoin globally. In contrast, Strategy, now recognized as MicroStrategy, has accumulated over 761,000 BTC and aims for a total of 1 million BTC by the end of 2026.

At the time of writing, Bitcoin is trading at roughly $70,650.

Image sourced from Unsplash; graph provided by TradingView.