{"id":547905,"date":"2023-08-18T13:20:39","date_gmt":"2023-08-18T13:20:39","guid":{"rendered":"https:\/\/wncen.com\/?p=547905"},"modified":"2023-08-18T12:47:06","modified_gmt":"2023-08-18T12:47:06","slug":"spacex-bold-move-why-did-they-sell-373-million-in-bitcoin-holdings","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/spacex-bold-move-why-did-they-sell-373-million-in-bitcoin-holdings\/","title":{"rendered":"SpaceX Bold Move: Why Did They Sell $373 Million In Bitcoin Holdings?"},"content":{"rendered":"

SpaceX, the aerospace company founded by tech mogul Elon Musk, reportedly took a significant step in reshaping its financial portfolio by recording a write-down of $373 million on its Bitcoin holdings in the past two years.\u00a0<\/span><\/p>\n

According to a <\/span>report from The Wall Street Journal<\/span><\/a>, the company not only acknowledged the devaluation of its Bitcoin assets but also indicated the possibility of divestment.<\/span><\/p>\n

A write-down in the context of cryptocurrency holdings refers to the reduction in the recorded value of a digital currency asset on a company’s balance sheet.<\/p>\n

This reduction typically occurs when the market value of the cryptocurrency drops significantly, leading to a situation where asset’s market value is now lower than its original purchase price or previously recorded value.<\/p>\n

In 2021, Musk publicly disclosed that SpaceX had entered the world of cryptocurrencies by acquiring an undisclosed amount of Bitcoin. Simultaneously, his other venture, Tesla, made headlines by revealing its plans to invest a whopping $1.5 billion in the digital currency. <\/span><\/p>\n

Related Reading: PayPal And The Crypto Conundrum: Understanding The UK Sales Suspension<\/a><\/div>\n

A Shift In Strategy For SpaceX<\/strong><\/h2>\n

Fast forward to the present, and it seems that SpaceX’s stance on Bitcoin has evolved. The company’s balance sheets for both 2021 and 2022 indicate that it valued its Bitcoin holdings at $373 million, only to subsequently record a write-down on these assets.\u00a0<\/span><\/p>\n

The move comes amidst revelations that SpaceX’s expenditures for 2022 totaled around $5.2 billion, with an additional $5.4 billion directed toward property acquisition, equipment, research, and development.<\/span><\/p>\n

Bitcoin’s Recent Performance<\/strong><\/h2>\n

Coinciding with SpaceX’s reported actions, <\/span>Bitcoin’s price<\/span><\/a> has experienced notable fluctuations. The cryptocurrency’s value has plummeted by 7.0% in the last 24 hours alone, marking a 9.6% decline over the past week.\u00a0<\/span><\/p>\n

\n

Literally took more liquidations than we got during the FTX collapse to flush us this low and we couldn’t even break HTF bullish market structure. $BTC<\/a> didn’t go below 26k on most spot exchanges- went lower on perps\/leveraged products because of the liquidations.<\/p>\n

Right inside\u2026 https:\/\/t.co\/lKJh4M0W7E<\/a> pic.twitter.com\/Vdxr0Zd5Zv<\/a><\/p>\n

\u2014 CrediBULL Crypto (@CredibleCrypto) August 17, 2023<\/a><\/p><\/blockquote>\n

However, amidst the market turmoil, influential crypto analyst “Credible Crypto” has <\/span>predicted<\/span><\/a> that this downturn may signify the bottom for Bitcoin’s price. He emphasizes that Bitcoin’s macro bullish trend remains intact and asserts that the currency remains in a bullish position over the long term.<\/span><\/p>\n

<\/h3>\n
Bitcoin (BTC) is currently trading at $26.444. Chart by TradingView.com<\/a><\/pre>\n
Related Reading: PEPE Coin Could Take The Spotlight After Shibarium Debut \u2013 Here\u2019s Why<\/a><\/div>\n
Meanwhile, the Journal report regarding SpaceX’s Bitcoin write-down has baffled cryptocurrency enthusiasts. Some questioned if SpaceX had sold $373 million worth of Bitcoin between 2020 and 2021, or simply reduced their Bitcoin activity by that amount.<\/p>\n
\n
I actually read the WSJ report. I think @BitcoinMagazine<\/a> is wrong here<\/p>\n
Yes, the report claims that SpaceX marked down the value of their bitcoin by 373m (btw, that doesn’t mean they SOLD 373m) and sold *some*, but selling some doesn’t necessarily mean they have no bitcoin left https:\/\/t.co\/rLgwA0N8Zi<\/a> pic.twitter.com\/GSrOio7zku<\/a><\/p>\n
\u2014 Pledditor (@Pledditor) August 17, 2023<\/a><\/p><\/blockquote>\n
Social media outlets reported conflicting information about the company’s sale of its entire BTC holdings. While some claimed the sale occurred, others were uncertain because of the vagueness in wording in how the story was presented.<\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from <\/span>The Motley Fool<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
SpaceX, the aerospace company founded by tech mogul Elon Musk, reportedly took a significant step in reshaping its financial portfolio by recording a write-down of $373 million on its Bitcoin holdings in the past two years.\u00a0 According to a report from The Wall Street Journal, the company not only acknowledged the devaluation of its Bitcoin assets but also indicated the possibility of divestment. A write-down in the context of cryptocurrency holdings refers to the reduction in the recorded value of a digital currency asset on a company’s balance sheet. This reduction typically occurs when the market value of the cryptocurrency drops significantly, leading to a situation where asset’s market value is now lower than its original purchase price or previously recorded value. In 2021, Musk publicly disclosed that SpaceX had entered the world of cryptocurrencies by acquiring an undisclosed amount of Bitcoin. Simultaneously, his other venture, Tesla, made headlines by revealing its plans to invest a whopping $1.5 billion in the digital currency. Related Reading: PayPal And The Crypto Conundrum: Understanding The UK Sales Suspension A Shift In Strategy For SpaceX Fast forward to the present, and it seems that SpaceX’s stance on Bitcoin has evolved. The company’s balance sheets for both 2021 and 2022 indicate that it valued its Bitcoin holdings at $373 million, only to subsequently record a write-down on these assets.\u00a0 The move comes amidst revelations that SpaceX’s expenditures for 2022 totaled around $5.2 billion, with an additional $5.4 billion directed toward property acquisition, equipment, research, and development. Bitcoin’s Recent Performance Coinciding with SpaceX’s reported actions, Bitcoin’s price has experienced notable fluctuations. The cryptocurrency’s value has plummeted by 7.0% in the last 24 hours alone, marking a 9.6% decline over the past week.\u00a0 Literally took more liquidations than we got during the FTX collapse to flush us this low and we couldn’t even break HTF bullish market structure. $BTC didn’t go below 26k on most spot exchanges- went lower on perps\/leveraged products because of the liquidations. Right inside\u2026 https:\/\/t.co\/lKJh4M0W7E pic.twitter.com\/Vdxr0Zd5Zv \u2014 CrediBULL Crypto (@CredibleCrypto) August 17, 2023 However, amidst the market turmoil, influential crypto analyst “Credible Crypto” has predicted that this downturn may signify the bottom for Bitcoin’s price. He emphasizes that Bitcoin’s macro bullish trend remains intact and asserts that the currency remains in a bullish position over the long term. Bitcoin (BTC) is currently trading at $26.444. Chart by TradingView.com Related Reading: PEPE Coin Could Take The Spotlight After Shibarium Debut \u2013 Here\u2019s Why Meanwhile, the Journal report regarding SpaceX’s Bitcoin write-down has baffled cryptocurrency enthusiasts. Some questioned if SpaceX had sold $373 million worth of Bitcoin between 2020 and 2021, or simply reduced their Bitcoin activity by that amount. I actually read the WSJ report. I think @BitcoinMagazine is wrong here Yes, the report claims that SpaceX marked down the value of their bitcoin by 373m (btw, that doesn’t mean they SOLD 373m) and sold *some*, but selling some doesn’t necessarily mean they have no bitcoin left https:\/\/t.co\/rLgwA0N8Zi pic.twitter.com\/GSrOio7zku \u2014 Pledditor (@Pledditor) August 17, 2023 Social media outlets reported conflicting information about the company’s sale of its entire BTC holdings. While some claimed the sale occurred, others were uncertain because of the vagueness in wording in how the story was presented. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from The Motley Fool<\/p>\n","protected":false},"author":557,"featured_media":547928,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,8375,8686,11727],"class_list":["post-547905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-elon-musk","tag-ethusd","tag-spacex"],"acf":[],"yoast_head":"\nSpaceX: Why Did They Sell $373 Million In Bitcoin Holdings?<\/title>\n<meta name=\"description\" content=\"SpaceX, the aerospace company founded by tech mogul Elon Musk, reportedly took a significant step in reshaping its financial portfolio by recording a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"SpaceX Bold Move: Why Did They Sell $373 Million In Bitcoin Holdings?","url":"http:\/\/wncen.com\/news\/spacex-bold-move-why-did-they-sell-373-million-in-bitcoin-holdings\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/spacex-bold-move-why-did-they-sell-373-million-in-bitcoin-holdings\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-101.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-101.png?fit=699%2C389"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","elon musk","ethusd","spacex"],"dateCreated":"2023-08-18T13:20:39Z","datePublished":"2023-08-18T13:20:39Z","dateModified":"2023-08-18T13:20:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"SpaceX Bold Move: Why Did They Sell $373 Million In Bitcoin Holdings?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/spacex-bold-move-why-did-they-sell-373-million-in-bitcoin-holdings\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/spacex-bold-move-why-did-they-sell-373-million-in-bitcoin-holdings\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-101.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-101.png?fit=699%2C389\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"elon musk\",\"ethusd\",\"spacex\"],\"dateCreated\":\"2023-08-18T13:20:39Z\",\"datePublished\":\"2023-08-18T13:20:39Z\",\"dateModified\":\"2023-08-18T13:20:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-101.png?fit=699%2C389","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/547905"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=547905"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/547905\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/547928"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=547905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=547905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=547905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}