Elon Musk dirigé SpaceX, la quantité de bitcoins détenus a chuté précipitamment avant l'IPO

Elon Musk’s SpaceX, which is preparing to go public, has suffered a significant hit to its Bitcoin asset valuation. The company’s cryptocurrency portfolio has lost $235 million over the past three months, shrinking from $780 million in December to $545 million now. This means that SpaceX will need to disclose unrealized losses related to Bitcoin in its upcoming IPO filings with the U.S. Securities and Exchange Commission (SEC).

Risks of Unrealized Bitcoin Losses Revealed in IPO Filing Preparations

SpaceX aims to file a confidential IPO application with the SEC as early as March, targeting a listing in June. The company anticipates a market capitalization of over $1.75 trillion and plans to raise up to $50 billion. This scale would surpass Saudi Aramco’s record of $29 billion in 2019, but the IPO documents will need to include detailed disclosures about SpaceX’s Bitcoin holdings.

According to data from Arkham Intelligence, SpaceX manages 8,285 Bitcoin (BTC) across 43 addresses under Coinbase Prime. As of March 23, the valuation was approximately $545 million, but this figure is highly sensitive to cryptocurrency market fluctuations. When BTC was trading around $92,500 in December, the same position was worth $780 million. After BTC dropped to around $78,000 in early February, the position shrank to about $650 million.

Importantly, SpaceX has not sold any Bitcoin in the past three months. The decline in valuation is solely due to market price fluctuations, not a decision by the company to sell. This indicates that the company’s cryptocurrency holdings, which initially did not require disclosure to public market investors, will now be subject to disclosure through the IPO process.

Tesla’s Experience with Cryptocurrency Volatility

Elon Musk’s automotive company Tesla provides a precedent for this situation. Tesla has recorded billions of dollars in valuation losses during past downturns in Bitcoin without changing its holdings, leading to headlines that could obscure the company’s core business performance. Tesla’s financial statements report unrealized gains and losses on cryptocurrencies quarterly, attracting investor attention.

However, Tesla’s case also highlights another aspect. For its 2025 financial outlook, Tesla expects total revenue of $94.8 billion and gross profit of $17 billion. Even a few million dollars in unrealized losses related to cryptocurrencies are relatively limited compared to the company’s overall scale.

There are differences, though. SpaceX’s initial disclosure is likely to occur during one of the most rapid Bitcoin correction periods in recent years, potentially attracting even greater market attention than Tesla experienced. Especially, the impact of cryptocurrency valuation losses on stock price formation immediately after the IPO could be significant.

Elon Musk’s Companies’ Bitcoin Holding Strategies

Interestingly, SpaceX’s Bitcoin strategy appears consistent. Data from Arkham suggests that SpaceX has maintained its positions throughout all market cycles, unlike Tesla, which has engaged in repeated buying and selling.

SpaceX’s Bitcoin holdings peaked at around $2 billion in late 2021, then sharply declined through 2022. Over the past two years, the holdings have fluctuated between $400 million and $800 million. This strategy indicates that Elon Musk and his corporate group believe in the long-term value of cryptocurrencies rather than short-term price swings.

In the IPO filings, SpaceX will need to explain in detail for the first time the reasons behind its Bitcoin holdings and its future strategy. What was previously a secret position will now be subject to disclosure as a public company. Future quarterly reports will reflect unrealized gains and losses based on Bitcoin price fluctuations, and the company’s management decisions and stance on Bitcoin will be scrutinized by the market.