$KAIO
Fading QuicklySnapshot Window: 2026-07-23 21:40 UTC · ← Back to Crypto Overview
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BLOOMBERG SAID SPACEX HAS BEEN QUIETLY BUYING BITCOIN FOR YEARS WITHOUT EVER SELLING THEY OWN $1,300,000,000 WORTH OF BTC "IT IS A STRATEGIC RESERVE" [Spoken audio]: According to an SEC filing on Wednesday, Elon Musk's SpaceX holds more than twice as much Bitcoin as previously estimated. Here to break it all down with us is Bloomberg's Ed Lovello, co-host of Bloomberg Technology. Ed, Elon Musk's view on Bitcoin have swung between endorsement to skepticism. Where is it stand right now? Yeah, there's a big difference in the SpaceX story between the what and why of these Bitcoin holding. So as of that regulatory filing, they hold 18,712 Bitcoin and the average purchase price over the history of the holdings is like $35,000 US dollars per token. So Bitcoin costs them about $661 million to acquire the value of the holdings, $1.3 billion. And like the way that SpaceX would tell it is what are they treating this as? Basically it's held as a treasury reserve asset just in the way that cash or bonds would be but by a custodian third party. That's very different to saying like well what is Elon musk's attitude to it. You don't get that from the filing itself. Although I guess if you guys want to have some fun this is Bloomberg Crypto. Yeah. We could come up with some ideas. Well I guess the question is what does it end up using that Bitcoin for. Does it just sit there as cash and maybe it accumulates or maybe it falls in value or does does SpaceX sell it. Because what we do know from the filing is that they haven't been sellers since I think the end of 2024. The idea probably based on the language and the filing is that Musk might view or in aggregate not just musk right there are other people running SpaceX ahead of the world's biggest IPO. They might just see it as a hedge against inflation long term asset but most likely this sort of strategic reserve for its excess cash bearing in mind that excess cash is probably doing a little bit too much legwork in the sentence I just said. Hey, oh go ahead Isabel. Maybe 15 seconds here and I mean Tesla accepted Bitcoin payments before and reversed course Do you think the same will happen with space? It's never but it's never really taken off and you know, I think that SpaceX right member. This is an S1 where everything has to be completely buttoned up in Disclosures be they boilerplate or very real warnings to investors ahead of the IPO and this is a very sophisticated sophisticated finance or Treasury or get SpaceX so that's reserve cash or reserve asset seems to be the logic outlined by the dock