SpaceX Reports $1.45B Bitcoin Holdings in S-1

SpaceX disclosed in its Form S-1 filed with the U.S. Securities and Exchange Commission that it held 18,712 bitcoins as of Dec. 31. The filing lists a total cost basis of $661 million, roughly $35,000 per coin, which values the holding at about $1.45 billion at recent market prices. The disclosure appears in documents prepared for a planned initial public offering.

The filing states SpaceX began acquiring bitcoin in 2021. It identifies the aggregate number of coins and the original purchase cost but does not provide a transaction-by-transaction breakdown or specific purchase dates.

Public on-chain data indicate the company’s wallet balances have changed since the Dec. 31 snapshot. Those data show balances falling to as few as 6,095 BTC last year and more recent snapshots showing about 8,280 BTC in certain wallets.

At the Dec. 31 cost basis, the filing places SpaceX’s average acquisition price near $35,000 per bitcoin. If the company still held the full 18,712 BTC at current prices, the holdings would rank among the largest corporate bitcoin treasuries.

The S-1 also estimates the company’s quantifiable total addressable market at $28.5 trillion. The filing does not link the bitcoin purchases to that market estimate.

The registration statement discusses accounting implications of holding cryptocurrencies. Entities that use fair value accounting must mark crypto assets to market, which can cause reported earnings to fluctuate with price swings. The S-1 does not specify any particular accounting election for cryptocurrency beyond the disclosures required by SEC rules.

The filing provides limited explanation of the rationale behind the bitcoin purchases or any future cryptocurrency strategy, focusing primarily on financial statements and other disclosures required for the offering.