Space Exploration Technologies Corp. (NASDAQ:SPCX) didn’t sell any of its Bitcoin (CRYPTO: BTC) in the second quarter, but the position suffered a sizable unrealized loss.
SpaceX Hit by Crypto Bear Market
SpaceX reported digital assets worth $1.1 billion as of June 30, down 31% from $1.6 billion in the previous quarter. This leaves the space exploration company with nearly $540 million in paper losses.
SpaceX didn’t publish a detailed breakdown of its cryptocurrency holdings, much like Elon Musk’s other major company, Tesla Inc. (NASDAQ:TSLA).
SpaceX disclosed in its IPO filing that it held 18,712 BTC on its balance sheet. At BTC’s closing price of $58,558 on June 30, the total value was in line with SpaceX’s reported digital asset holdings.
Moreover, on-chain analytics firm Arkham Intelligence also reported 18,712 BTC on SpaceX’s balance sheet.
Musk’s Companies Are BTC HODLers
Tesla also owns a large Bitcoin position—11,509 BTC, worth over $740 million currently, according to on-chain data.
Both companies now rank among the biggest corporate BTC holders, with SpaceX in 8th place and Tesla in 12th, according to BitcoinTreasuries.net.
SpaceX reported second-quarter revenue of $7.81 billion, beating a Street consensus estimate of $6.93 billion. The company also revealed a lower-than-expected loss of nine cents per share.
Price Action: At the time of writing, BTC was exchanging hands at $64,111.48, up 0.65% over the last 24 hours, according to data from Benzinga Pro.
SpaceX shares plunged 7.46% in after-hours trading after closing 9.43% higher at $125.33 during Tuesday’s regular trading session.
According to Benzinga’s Edge Stock Rankings, the SPCX stock has shown a weaker price trend across short-, medium-, and long-term horizons
Photo courtesy: IAB Studio on Shutterstock.com
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