SpaceX Reports $373 Million Bitcoin Write-Down in Financial Documents

Aug 18, 2023

By Andrew Throuvalas | @andrew-throuvalas

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. Here's the latest.

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.

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