Analysis: The market value of Bitcoin assets dropped to approximately $545 million before the SpaceX IPO, and may face pressure for disclosure of gains and losses thereafter
According to CoinDesk, on-chain data platform Arkham Intelligence shows that SpaceX currently holds approximately 8,285 bitcoins in its Coinbase Prime custody account, valued at about $545 million at the latest prices, down about $235 million from an estimated $780 million three months ago. During this period, the company did not reduce its holdings.SpaceX plans to submit a confidential IPO application to the U.S. Securities and Exchange Commission (SEC) as early as March, aiming for a June listing, with a valuation potentially exceeding $1.75 trillion and a fundraising target of up to $50 billion. If successful, it would break the $29 billion IPO record set by Saudi Aramco in 2019.Data shows that the company's bitcoin holdings have remained around 8,300 since early 2026, but the book value has fluctuated significantly due to the BTC price correction. At the end of 2021, its BTC holdings peaked at nearly $2 billion, followed by a decline during the 2022 bear market, fluctuating between $400 million and $800 million over the past two years.Market participants point out that once the S-1 filing is submitted, SpaceX will need to disclose its exposure to related crypto assets, and future financial reports may reflect the book profit and loss risks arising from bitcoin price fluctuations. Previously, Tesla had drawn market attention multiple times due to similar book value fluctuations. However, on-chain data does not indicate that SpaceX has engaged in active trading; unlike Tesla, which has conducted buy and sell operations, SpaceX appears to prefer a long-term holding strategy.