SpaceX Bitcoin reserves have quietly surpassed 18,710 BTC▲$63,792.00, per its IPO filing, putting the company ahead of many public Bitcoin holders.
Elon Musk‘s rocket and satellite internet company SpaceX disclosed a much larger Bitcoin position than outside trackers had recently identified as it moves toward a public listing.
The company filed its S-1 registration statement with the U.S. Securities and Exchange Commission on May 20, giving investors a first public look at its finances before a planned IPO.
The filing shows SpaceX held 18,712 BTC at a fair value of about $1.29 billion as of March 31. That is the quiet Bitcoin surprise since in April data from blockchain forensic platform Arkham Intelligence showed just about 8,285 BTC tied to SpaceX wallets in Coinbase Prime custody.
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The S-1 figure is about 2.26 times larger, or roughly 126% above that earlier visible-wallet estimate.
But that doesn’t necessarily mean that SpaceX increased its BTC position through new purchases. It may simply mean the IPO filing disclosed crypto reserves that weren’t fully visible in tracked wallets.
The filing shows that SpaceX’s Bitcoin reserves are valued at around $661 million for its basis and around $1.3 billion as fair value as of March 31, suggesting that the crypto asset is worth approximately $629 million more than its basis, which translates to 95% over cost.
However, the filing doesn’t say when each BTC was bought.
SpaceX Bitcoin Reserves Top Tesla’s Stack
SpaceX has more bitcoins compared to Tesla, an electic-vehicle company also owned by Musk, which owns 11,509 BTC. However, SpaceX lags behind Strategy, a company owned by Bitcoin magnate Michael Saylor, which has 843,738 BTC.
SpaceX also holds more Bitcoin than Coinbase, the U.S.-based public crypto exchange, which has about 16,492 BTC, the data shows.
The Bitcoin disclosure comes as SpaceX is expected to seek about $75 billion in its IPO at a valuation near $1.75 trillion, with a possible Nasdaq listing as early as June 12.
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