At its peak, SpaceX held nearly 28,000 Bitcoins – a position at the time worth about $1.8 billion. Today, that number stands at 8,285 BTC, worth about $574 million. The company lost nearly 70% of its initial assets in a two-year period that coincided with the worst crypto crash.
The Ministry of Finance Cut it Quietly
In August 2023, a Wall Street Journal report based on revised financial documents revealed that SpaceX had written down $373 million in Bitcoin value between 2021 and 2022 and had sold the cryptocurrency it held, although the level of the sale was not disclosed.
The disclosure sent Bitcoin briefly below $25,000 and created more than $386 million in future liquidation. SpaceX, as a private company, did not have to explain the sale publicly. The timing, reports noted, closely tracked the collapse of major crypto firms including Terraform Labs and FTX.
BITCOIN COMPANY LAUNCHES SATELLITES
SpaceX recently launched 29 Starlink satellites – and is holding 8,285 BTC ($573.8M).
With 10,000 satellites in orbit and an IPO of about $1.75T, one of the biggest companies in the world is bringing Bitcoin to its balance sheet. Read more below: pic.twitter.com/oUxtDoimee
– Arkham (@arkham) March 21, 2026
That reduced stack is now going public. SpaceX is gearing up for what could be the largest initial public offering in history — a listing that Bloomberg reported in late February could raise as much as $50 billion and drive the company’s valuation to nearly $1.75 trillion. In context, the first Saudi Aramco of 2026 raised $ 29 billion. SpaceX’s inventory could exceed that number.
What the IPO is Changing
At an estimate of $1.75 trillion, $574 million in Bitcoin on SpaceX’s books is a drop in the ocean. But the sign has real weight. Very few large companies in the world hold Bitcoin as a balance sheet asset, and a SpaceX-scale company going public with BTC on its books would put that trend in front of a new class of institutional investors.
On March 19, SpaceX launched 29 Starlink satellites from Cape Canaveral on a Falcon 9 rocket, a routine mission for the company that is now the company’s busiest space launch company.
The Starlink constellation has grown to nearly 10,000 satellites in orbit. Data shows that the service had 9.2 million active users worldwide by the end of 2025, and revenue is expected to reach $24 billion by 2026 – up from $10 billion the previous year. That growth is the engine driving SpaceX’s valuation case ahead of the listing.
Arkham Intelligence, which tracks on-chain data, ranks SpaceX 18th among corporate Bitcoin holders worldwide. Strategy, formerly known as MicroStrategy, owns more than 761,000 BTC and has set a public goal of reaching one million coins before the end of 2026.
Bitcoin was trading at around $70,650 at press time.
Featured image from Unsplash, chart from TradingView
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