SpaceX Bitcoin Holdings Fall as Revenue Tops Forecast
SpaceX reported results as a public company, posting second-quarter revenue of $7.8B, above the $6.9B Wall Street forecast. The company narrowed its net loss to $541M from $1.0B a year earlier, while adjusted EBITDA nearly tripled to $3.5B, supported by growth in launch, Starlink and AI businesses.
On the crypto side, SpaceX said it still held 18,712 BTC in its bitcoin holdings, but the value dropped to $1.10B at June 30 from $1.64B at the end of 2025, matching a roughly 33% bitcoin price slump over the period.
Market reaction was muted: the stock fell about 6% after-hours after closing nearly 10% higher in regular trading. A key upcoming catalyst is an insider share unlock on Aug. 6, when around 912M shares owned by employees and early backers may become eligible for sale.
For crypto traders, SpaceX’s bitcoin holdings update is a reminder that even “treasury” exposure can mark-to-market lower during BTC drawdowns. Traders may watch whether any future balance-sheet updates align with BTC volatility, especially around major equity/float events tied to SpaceX.
Neutral
The news is mixed for crypto markets. On one hand, SpaceX’s bitcoin holdings remain unchanged in BTC count (18,712 BTC), which suggests no immediate “selling” signal from the treasury. On the other hand, the reported USD value fell from $1.64B to $1.10B because BTC dropped about 33%—a mark-to-market effect, not necessarily a change in strategy.
Historically, corporate BTC exposure updates often move BTC sentiment only when they imply net buying/selling, not when they simply reflect price fluctuations. Here, the dominant incremental catalysts are equity-side (a large insider share unlock) rather than a direct crypto rebalancing. That can influence broader risk appetite and liquidity short-term, but it’s unlikely to be a direct BTC supply overhang unless filings later show net reductions.
Short term: neutral, with possible sentiment noise around BTC’s recent drawdown and SpaceX stock volatility.
Long term: likely neutral-to-slightly constructive, because holding BTC through volatility is generally viewed as maintaining long-run exposure, but confirmation would require future balance-sheet changes beyond price-driven valuation swings.