SpaceX's Bitcoin portfolio loses value right before a historic IPO.

SpaceX owns approximately 8,285 bitcoins — a substantial amount, but its value is declining.
In December, these assets were valued at around $780 million, but now, in April, they are worth about $604 million at the current Bitcoin price of $72,970.
Over four months, the portfolio has lost nearly $180 million in value, even though the company has neither sold nor bought any.

All of this will become an issue when SpaceX files for an IPO.
It is expected to happen as early as March or April, with a listing planned for June.
The company's valuation could exceed $1.75 trillion, and it plans to raise up to $50 billion.
But in the S-1 form, investors will see paper losses on Bitcoin — this will inevitably be reflected in the financial statements, regardless of whether the price continues to rise or fall.

A similar precedent already exists.
Tesla faced the same dynamics: recording hundreds of millions in unrealized losses during correction periods, while never changing its position.
This created headlines that distracted from core activities.
SpaceX might go through the same, especially since the first disclosure occurs during one of the sharpest Bitcoin corrections in recent years.

SpaceX's BTC portfolio peaked at around $2 billion in late 2021, then sharply declined in 2022, and has since fluctuated between $400 million and $800 million.
The company simply holds its position, without selling or buying.
The question is how investors will react to this volatility at the critical moment of the IPO.