In this commentary, the speaker explains how SpaceX holds roughly 18,712 Bitcoin, acquired around 2021 at an average cost of $35,000 per coin, and has never sold any of the assets. A U.S. accounting rule change in January 2024 now permits companies to revalue crypto holdings each quarter, allowing unrealized gains to be recorded directly in earnings. This enabled SpaceX to report a $955 million profit in 2024 solely from the price increase of its untouched Bitcoin, while the same mechanism caused a $344 million loss in the first quarter of 2026 as the price fell. The speaker highlights that SpaceX’s Bitcoin holdings are barely mentioned in its SEC filings—only in footnotes, absent from risk factors, and with many coins not visible on the blockchain due to unnamed custodians. Arkham Invest’s on‑chain investigation could not locate over 10,000 of the coins, underscoring the opacity. The overall message warns investors to scrutinize corporate crypto disclosures, as the real amount of held Bitcoin may be hidden, and the accounting rule effectively turns crypto into an earnings lever rather than a genuine investment strategy.
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Supposedly SpaceX made $955 million with Bitcoin and they never sold a single coin. If that sounds impossible, we are living in a new world. Supposed to sound impossible. And this is considered one of the most valuable companies on the face of the planet that's making a whole bunch of money off of crypto specifically. This is, this is crazy. How they did this is the most profitable trick in corporate finance right now. And the largest IPO in history just accidentally leaked it to the public. For anybody to use, so SpaceX owns 18,712 Bitcoin, and they haven't touched it since 2021, frozen and untouched completely. And in 2024 alone, they pow added $955 million to their actual profits. They did nothing. The coins went up in value. The profit appeared. On average, they accumulated Bitcoin at $35,000 per BTC, and they got about 19,000 of it. Now there's a really interesting accounting rule that changed in January 2024. Before that rule. The game was probably rigged against all the corporations holding Bitcoin. You could only ever mark Bitcoin down but never up, so you could take the loss, but you can't put it on your balance sheet as a gain. So all the gains were pretty much invisible; losses were brutal. But now the rule completely flipped. Now companies can reprice their Bitcoin at every quarter, and that swing flows straight into earnings, obviously puffing up their earnings calls. Now obviously, this is some crazy strategy. It was never really about Bitcoin; it was about accounting rule that turned crypto into a. Legal earnings lever right now that a lot of companies are taking advantage of. Now what's interesting is that same lever that prints a whole bunch of gains actually prints losses as well. And SpaceX untouched pile dropped $344 million in just the first 3 months of 2026. So if you want the upside headlines, but you don't want people to see how much money you lost, what do you do? Well, they hid it in their filing that has hundreds of pages. Bitcoin only appears a handful of times buried in the footnotes, zero risk warnings. Bitcoin never made it to the official risk factor section, and over 10,000 of those coins weren't even visible on the blockchain itself. Arkham Invest, if you guys know about the on-chain investigation, could not find it. It was tucked away with unnamed custodians until this filing dragged them into the light. So the next time you see Company X holds Bitcoin, you have to ask the real question. How much Bitcoin do they actually have? Because they could be hiding a whole bunch of it. Remember, the smartest money is not always the loudest. Sometimes it's the quietest. Look at what they're doing.
