I just saw the data on SpaceX's Bitcoin holdings, and the numbers are quite interesting. At the beginning of December, their portfolio was worth around $780 million, but now it has dropped to $545 million in three months. That's a paper loss of $235 million just because BTC went down, even though they haven't sold a single coin.

So SpaceX now holds about 8,285 Bitcoin on Coinbase Prime. If they go public—targeted for June with a valuation of over $1.75 trillion—all these Bitcoin gains and losses will appear in their financial reports. Each quarter, crypto volatility will impact their earnings reports, even if they are not actively trading.

Tesla's case could be an example of what might happen. Tesla once recorded paper losses of hundreds of millions from their Bitcoin holdings during a bearish period, even though they didn't move much. The difference is Tesla has large revenue—$94.8 billion last year—so crypto losses of a few million are not too significant. SpaceX might face a similar dynamic if their IPO timing coincides with Bitcoin's downturn.

Interestingly, SpaceX seems never to have traded their position. According to Arkham data, their holdings have remained stable at around 8,300 BTC since early 2026, with only the dollar value fluctuating. This is different from Tesla, which actively buys and sells Bitcoin. So this appears to be more of a long-term HODL strategy, but it will still make their financial reports more volatile in the eyes of public investors.