Crypto Maniac

  SpaceX Bids Farewell to Bitcoin: $373 Million Worth Liquidated. SpaceX, the aerospace technology company founded by Elon Musk, has reportedly sold all of its Bitcoin holdings, worth $373 million, that it acquired in 2021 and 2022.  The news was revealed by the Wall Street Journal, which accessed documents on the firm’s financials showing a write-down of the value of its Bitcoin by that amount 1 . SpaceX announced in 2021 that it owned some Bitcoin, following a similar move by Tesla, another company co-founded by Musk.  Tesla purchased $1.5 billion worth of Bitcoin in 2021 and later sold about 75% of it in 2022, according to its Q2 2023 earnings report 2 . Musk had also expressed his support for cryptocurrencies such as Dogecoin and Bitcoin on social media and in public events. However, SpaceX’s decision to sell its Bitcoin holdings may indicate a change in its attitude towards the crypto asset. The exact reasons for the sale are unclear, but some possible factors could ...

  Elon Musk’s SpaceX selling $373 million worth of Bitcoin: SpaceX, the aerospace technology company founded by Elon Musk, has reportedly sold all of its Bitcoin holdings and written down their value by a staggering $373 million. The news comes amid a turbulent year for the cryptocurrency market, which saw Bitcoin reach a record high of over $64,000 in April 2023, before plunging to below $30,000 in July 2023. According to a report by The Wall Street Journal 1 , SpaceX recorded $373 million worth of Bitcoin on its balance sheet in 2021 and 2022 but has since decided to liquidate the crypto asset. The Wall Street Journal claims to have obtained documents related to SpaceX’s financials, which revealed that the company incurred approximately $5.2 billion in total expenses for 2022. This includes expenses related to acquiring property and equipment, as well as research and development costs, totaling $5.4 billion for both 2021 and 2022. SpaceX’s decision to sell its Bitcoin holdings is...