Space X reduces its Bitcoin holdings by $373M

Space X reduces its Bitcoin holdings by $373M
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SpaceX, the pioneering aerospace technology company, has undertaken a noteworthy financial move, with an alleged sellout in the value of its Bitcoin (BTC) holdings. As reported by the Wall Street Journal, SpaceX took the step of selling its Bitcoin assets by a substantial $373 million during the years 2021 and 2022.

While the exact reasons behind this adjustment of their holdings remain undisclosed, it has sparked speculation within both the technological and cryptocurrency communities. Furthermore, there are suggestions that Elon Musk’s space firm may have gone a step further and liquidated its entire Bitcoin portfolio, yet there is no mention of this in the WSJ report.

This prospect, if true, implies a significant development, as it could signify a shift in the company’s investment strategy or reflect a broader sentiment within the corporate world regarding the cryptocurrency landscape.

Also, the potential divestment aligns with a larger trend in recent times, where various entities have reevaluated their involvement with digital currencies.

However, SpaceX’s decision to reevaluate the worth of its BTC holdings might be attributed to a multitude of factors. Notably, cryptocurrency markets are renowned for their inherent volatility, which can lead to significant fluctuations in asset values over relatively short periods. 

Regulatory uncertainties, market sentiments, and technological developments are also factors that could impact the perceived value and utility of cryptocurrencies in the eyes of corporate entities.

SpaceX Hit with a Lawsuit over Elon Musk Alledged Holdings of Dogecoin

Earlier in the year, Elon Musk, Tesla, and SpaceX were caught in a flurry of allegations for running and supporting a pyramid scheme to support Dogecoin (DOGE). Elon Musk and his popular organizations were slapped with a lawsuit by a Dogecoin investor, Keith Johnson, and were accused of racketeering for artificially boosting up Dogecoin.

The complaint stated that the accused were already fully aware of Dogecoin not having any real considerable value. Despite knowing that, they continued to extensively promote Dogecoin in order to profit greatly as a result of its trading. Meanwhile, the tech billionaire denied allegations of owning any DOGE wallets linked to insider trading.

Recall that, the business magnate has been endorsing BTC for a long time. With Tesla investing around $1.5 billion in the crypto-asset back in 2021, and now that evidence is due of SpaceX slowly selling its holdings, then there might be some evidence to these claims, yet Elon Musk is known to have pursued a more committed influence in the crypto ecosystem.


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