For Elon Musk’s company, this is a rounding error relative to a valuation of more than $1.8 trillion: small enough that the stock will never trade, but large enough to normalize the asset in a way that no dedicated vehicle can.
For years, onchain analysts estimated that SpaceX held around 8,300 bitcoins. The S-1 then revealed that the actual number was more than double, meaning one of the most closely watched private companies in the world had a billion-dollar position in bitcoin, and the public’s best estimate was half that until securities law forced the response.
Now the position is governed by public company rules.
Fair value accounting means that each quarterly report marks bitcoin in the market, recording gains and losses, whether SpaceX trades the coin or not. Tesla showed what it looks like during a pullback, recording hundreds of millions in paper losses on a position it wasn’t selling.
SpaceX comes in with bitcoin already 37% below its January high, although its base cost of around $35,000 means stake is still up around 80% from its initial purchases.
Neither Tesla nor SpaceX – both owned by Elon Musk – have ever shown any appetite for trading their stack. These companies continue to hold bitcoin (at least for now) through public earnings cycles and analyst questions as the position shifts, giving every Fortune 500 CFO a real-world example of a mega-cap that treats bitcoin like a reserve asset, absorbs the earnings noise, and moves on.
