SpaceX Holds $603M in Bitcoin Ahead of IPO

SpaceX is holding 8,285 bitcoins, valued at about $603 million, in Coinbase Prime custody and has not sold any of the coins despite reporting a nearly $5 billion loss for 2025. The company’s bitcoin balance has been steady since mid-2024 after peaking above $1.6 billion in October 2025 when bitcoin hit record highs.

New data rank SpaceX as the fourth-largest known corporate bitcoin holder, behind Strategy, Marathon Digital and Riot Platforms. SpaceX filed for an initial public offering last month; the IPO will require public disclosure of its cryptocurrency holdings and could force accounting choices under Financial Accounting Standards Board rules that took effect in late 2025.

Anthony Scaramucci, founder of SkyBridge Capital, described SpaceX as an example of treating bitcoin as a corporate reserve, adding, “Everyone will soon have Bitcoin on their corporate balance sheet.”

Corporate accumulation in March totaled 47,435 bitcoins across public and private firms, with nearly all of that-44,377 bitcoins-bought by Michael Saylor’s Strategy. Strategy acquired 22,337 bitcoins on March 16 funded by $1.57 billion raised from sales of preferred shares and common stock. The company now holds roughly two-thirds of the bitcoin owned by public companies, with total holdings near 762,000 bitcoins.

Ryan Strauss of the Bitcoin Consulting Group noted that headline growth in corporate bitcoin holdings depends heavily on Strategy’s purchases and wrote that removing Strategy’s activity reveals “clear deceleration” and “a broad cooling in corporate conviction.” Only 16 companies added bitcoin in March, and several public firms that bought last summer have reduced purchases or begun selling since October.

A crypto firm received approval to open a Federal Reserve master account after obtaining a Special Purpose Depository Institution charter in Wyoming. That access allows the company to hold balances at the Fed and settle dollar transactions on Fedwire without using a traditional correspondent bank. Community bankers opposed the decision and congressional officials sought legal clarification.

Spot bitcoin exchange-traded funds drew about $789 million in inflows last week, the largest weekly amount since February. Morgan Stanley launched a spot bitcoin ETF on April 8 with a 0.14% fee and gave its 16,000 wealth advisers access to bitcoin exposure for clients with $6.2 trillion in assets. Charles Schwab published guidance suggesting aggressive portfolios could allocate as much as 8.8% to bitcoin.

Market forecasts vary. Some Wall Street analysts project year-end 2026 bitcoin prices from $100,000 to $250,000. TD Cowen cut its price target for Strategy by about 20.5% to $350, and some traders predict bitcoin could fall below $50,000 by November 2026.

SpaceX’s bitcoin holdings will be disclosed in the company’s IPO filings, which must detail crypto assets and could clarify how the company will account for bitcoin under the updated reporting standards.