SpaceX's S-1 IPO filing has revealed the company holds 18,712 BTC on its balance sheet, worth approximately $1.42 billion at Bitcoin's current price near $75,954. According to reports from Grayscale Research, this position makes SpaceX on track to become the largest diversified public company holding Bitcoin when it debuts on Nasdaq on June 12. The filing quietly revealed that the real Bitcoin holdings were more than double what on-chain analysts had publicly identified, with only about 8,285 BTC previously tracked.
SpaceX built its Bitcoin position at an average cost of roughly $35,000 per BTC, accumulating most of it during the 2021 bull market at a total cost of $661 million. As reported by 99Bitcoins, the company generated a $955 million paper gain in 2024, then swung to a $112 million unrealized loss in 2025. Bitcoin represents just 0.1% of the company's $1.75 trillion IPO valuation target, with the position serving as a hedge against fiat currency erosion rather than a core business strategy.
The contrast highlights different institutional approaches to Bitcoin accumulation. According to 99Bitcoins, MicroStrategy holds 843,738 BTC, a stack more than 45 times larger than SpaceX's position, and generates limited operating revenue outside its Bitcoin position. MicroStrategy has used convertible notes and preferred share offerings to raise capital specifically for Bitcoin purchases, treating the company as a leveraged Bitcoin proxy for equity investors. In contrast, SpaceX's Bitcoin holdings represent a hedge strategy rather than a core business bet.
The broader institutional crypto adoption continues to grow significantly. As reported by 99Bitcoins, at least 100 publicly traded firms have adopted Bitcoin treasury policies, with combined corporate Bitcoin holdings now totaling around 1.24 million BTC, representing more than 5% of total supply. This trend confirms that institutional crypto adoption is no longer a fringe experiment but represents a mainstream corporate strategy for risk management and asset diversification.
