Tesla and SpaceX Sold $373M of Bitcoin – Here’s What Really Happened
• Tesla and SpaceX have sold approximately $373 million worth of Bitcoin acquired since 2021.
• Elon Musk declared the company’s acquisition of Bitcoin in 2021 after Tesla’s $1.5 billion investment.
• SpaceX has now divested from the cryptocurrency.
Tesla and SpaceX’s Acquisition of Bitcoin
In 2021, Elon Musk, the CEO of SpaceX, publicly declared that the company had acquired a specific quantity of Bitcoin. This announcement came after a submission to the U.S. Securities and Exchange Commission (SEC), where Tesla, another firm co-founded by Musk, disclosed its plan to procure $1.5 billion worth of the cryptocurrency.
SpaceX’s Sale of Bitcoin
According to records examined by Wall Street Journal on August 17, SpaceX noted Bitcoin holdings of about $373 million on its financial statement in 2021 and 2022. However, the company has now divested from the cryptocurrency with an estimated expenditure for 2022 at roughly $5.2 billion plus an additional expenditure for property, equipment and research and development activities amounting to $5.4 billion during 2021 and 2022 combined.
Tesla’s Sale of Remaining BTC Holdings
Tesla’s Q2 2023 financial report indicated that it had sold over 30,000 BTC for $936 million during the second quarter of 2022 which accounted for approximately 75% of its initial holdings of 1.5 billion BTC valued at around 184 million USD at that time .
Elon Musk’s Promotion Of Cryptocurrencies
Elon Musk has frequently utilized social media to share remarks about cryptocurrencies like Dogecoin and Bitcoin including changing Twitter’s iconic blue bird logo to feature the DOGE Shiba Inu following his acquisition of Twitter for 44 billion in October 2022 hinting at potential usage for banking or payment purposes .
The exact timing as to when SpaceX made their sale is unknown but their speculated sale likely played a role in dropping Bitcoin price from 43K USD per coin down below 40K USD .