SpaceX’s Bitcoin write-down report on Aug. 18 sparked confusion among the crypto community. The report published in The Wall Street Journal puzzled many, who questioned whether SpaceX held $373 million worth of Bitcoin (BTC) and sold it in 2021–2022 or whether they only reduced their Bitcoin exposure by the same amount.
Several social media outlets reported that SpaceX had sold its entire BTC holdings, while others expressed uncertainty, claiming they were unable to confirm the amount based on the wording of the report.
I actually read the WSJ report. I think @BitcoinMagazine is wrong here
Yes, the report claims that SpaceX marked down the value of their bitcoin by 373m (btw, that doesn’t mean they SOLD 373m) and sold *some*, but selling some doesn’t necessarily mean they have no bitcoin left https://t.co/rLgwA0N8Zi pic.twitter.com/GSrOio7zku
— Pledditor (@Pledditor) August 17, 2023
Elon Musk revealed in 2021 that SpaceX holds Bitcoin, as does Tesla, on its balance sheet. While Tesla’s Bitcoin holdings were made public, there were no estimations around SpaceX’s BTC holdings, which has been key to the ongoing confusion. Tesla once held $1.5 billion worth of BTC purchased during the bull market but revealed it had sold 72% of its holdings in Q2 2022.
The SpaceX write-off claims were also believed to be one of the key catalysts behind the $2,000 BTC price drop, although several others denied it being a cause. Musk hasn’t addressed the issue yet, but the market FUD made him a target of Bitcoin proponents who questioned his strategy of buying high and selling low, while a few others called it market FUD.
Buy High & Sell Low – Elon Musk’s #Bitcoin strategy for Dummies https://t.co/yBKsPdg59B
— Matt C⚡️ (@mithcoons) August 17, 2023
One Reddit user wrote that Musk is running out of cash across all his companies, suggesting that Musk might sell “all of his Bitcoin and doge within the next 6 months.”
Related: Elon’s ‘not afraid of blowing things up’ — Ex-Twitter exec on working under Musk
Users on X (formerly known as Twitter) also called out Musk for his “paper hands,” a term used for…
..
