SPCX
A very expensive HODL
SpaceX didn’t sell a single Bitcoin in Q2, which is either conviction or stubbornness depending on your mood. Either way, the company’s digital assets fell to $1.1 billion from $1.6 billion in the prior quarter, leaving it with nearly $540 million in paper losses as crypto prices cooled off.
That’s the awkward part of owning a giant BTC stash: even when you don’t touch it, the market marks it to reality every quarter. SpaceX disclosed 18,712 BTC in its IPO filing, and that math lines up with the value reported at quarter-end. In other words, the rocket company is still very much in the Bitcoin club.
The quarter wasn’t all vibes and volatility
To be fair, the crypto mark-to-market hit was only one piece of the story. SpaceX also said second-quarter revenue came in at $7.81 billion, comfortably ahead of the $6.93 billion Street estimate, while its loss per share was nine cents — better than expected.
So if you’re an investor, the takeaway is a mixed bag: the business appears to be humming, but the balance sheet still has a big crypto-shaped pothole. And because Elon Musk’s companies tend to attract the kind of attention usually reserved for superhero sequels, anything involving Bitcoin, Tesla, or SpaceX gets extra scrutiny.
Big picture
SpaceX is showing that a strong operating quarter can still get overshadowed by a volatile treasury strategy. The rockets may be on schedule, but the Bitcoin roller coaster is still very much in first gear.