SpaceX is preparing to go public soon, but the timing is a bit tricky. They reportedly aim to file a confidential IPO application with the SEC in March and plan to list in June, but this time, 8,285 Bitcoin will be fully exposed in the disclosure documents.

What’s more interesting is the recent volatility over the past three months. When Bitcoin was around $92,500 in December, this position was worth about $700M. However, when Bitcoin dropped to the $78,000 range in early February, it decreased to roughly $600M, and now it’s around $500M. In just three months, $200M has evaporated, and the key point is that SpaceX has not sold a single coin.

Why is this important? It means that this loss will now be fully reflected in the S-1 filing, and Bitcoin’s volatility could continue to be a headline in future quarterly reports. It’s essentially a repeat of the experience Tesla has already gone through.

Looking at Tesla, even without changing its position, it recorded billions of dollars in paper losses during correction periods, which became a recurring news risk. However, Tesla’s total revenue of $94.8 billion and gross profit of $17 billion in 2025 mean that Bitcoin losses don’t significantly impact the company. SpaceX might be in a similar situation, but the problem is that the initial disclosure is happening during a Bitcoin bearish phase.

Interestingly, SpaceX has continued to hold Bitcoin without buying or selling, unlike Tesla. Their position, which peaked at about $2 billion in late 2021, dropped sharply in 2022, and over the past two years, has fluctuated between $400 million and $800 million. Now, they are about to expose this in the public market.

Meanwhile, the Bitcoin market itself is also changing. Over the past six weeks, Bitcoin has moved within a narrow range of $65,000 to $73,000, but behind this stability is a reliance on a small number of designated institutional investors. Most of the buying is handled by U.S. spot Bitcoin ETFs and a few institutional channels. Large whales and mid-sized holders are relatively on the sidelines.

Ultimately, SpaceX’s IPO isn’t just a corporate offering; it will serve as a case study of how cryptocurrency assets are reflected in the financial statements of major companies and how the market reacts.