SpaceX Reports $373 Million Bitcoin Write-Down in Financial Documents Elon Musk’s SpaceX is among many alleged culprits behind
a seismic crypto market crash on Thursday, which has triggered
over $1 billion in liquidations over the past 24 hours.
Bitcoin (BTC)’s sudden collapse to nearly $25,300 shortly followed the Wall Street Journal (WSJ) published
a report offering rare insight into the privately owned aerospace company’s financials.
The report said that
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.”
A “write down”
may be due to a combination of deliberate BTC sales, and a decline in the value of the company’s BTC compared
to its average purchase price. WSJ provided no exact figures
showing the amount Bitcoin SpaceX sold or bought, nor at what times throughout
the past two years.
Musk has previously confirmed that he personally
owns some Bitcoin, as does
SpaceX, but never specified how much.
The billionaire’s public car company,
Tesla, has been more transparent, announcing a $1.5 billion Bitcoin purchase back in February 2021. Though its value peaked
at $2 billion, the company has since sold most of its BTC, which was
worth $184 million according to its latest earnings reports.
