Interesting to observe: SpaceX is planning its IPO for June, and the valuation could exceed $1.75 trillion — one of the largest IPOs of all time. But there’s another story running in parallel that is gaining increasing significance during this period.

The company holds about 8,285 Bitcoin, distributed across several wallets at Coinbase Prime. In December, this holding was worth around $780 million. Now, just a few months later, the picture has changed significantly — the position has fallen to about $545 million. That’s a loss of $235 million in just three months, without SpaceX selling a single coin.

What does this mean for a publicly traded company? Simply put: all future quarterly reports will have to reflect this Bitcoin volatility. Every time the BTC price drops, accounting losses will appear in the financial statements — regardless of whether the company is actively trading or not. This creates recurring headline risks that can overshadow the core business.

Tesla shows what that looks like. Elon Musk’s automaker reported hundreds of millions in paper losses during market downturns, even though the position was never changed. This led to constant media reports about Bitcoin losses, while the fundamental business figures receded into the background. SpaceX could soon face the same dynamic — with the added misfortune that the first disclosure occurs during one of the larger Bitcoin declines of recent years, not during a rally.

For context: Tesla reported total revenue of $94.8 billion and a gross profit of $17 billion in 2025. For companies of this size, paper Bitcoin losses amounting to millions are not material — yet they still attract attention.

SpaceX’s Bitcoin position peaked at nearly $2 billion at the end of 2021, collapsed in 2022, and has since fluctuated between $400 million and $800 million. Unlike Tesla, which has sold and repurchased Bitcoin multiple times, the data suggests that SpaceX simply held on — through every cycle. That’s a buy-and-hold strategy now coming into focus for public markets. With Bitcoin currently around $74,250, this position remains volatile.