SpaceX has disclosed significant Bitcoin holdings in its latest S-1 filing, revealing one of the largest corporate treasury positions among private firms. The aerospace company reported 18,712 BTC on its balance sheet, highlighting sustained exposure to digital assets and reinforcing the growing institutional participation in cryptocurrency markets globally in recent years.
According to the most recent S-1 filing, SpaceX acquired its Bitcoin holdings at a cost basis of around $661 million as of March 31, 2026. SpaceX Bitcoin Holdings has an average price of approximately $35,300 per coin, reflecting early accumulation phases during previous market cycles and a strategic long-term treasury approach.
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SpaceX Bitcoin Holdings Drive Record Unrealized Gains
The filing showed that the market value of SpaceX’s Bitcoin reserves rose to approximately $1.293 billion by quarter’s end. It indicates unrealized gains of more than $630 million generated by the company’s Bitcoin Holdings, fueled by recent Bitcoin price increases. Overall, SpaceX generated much larger unrealized gains than in the previous period for Bitcoin.
SpaceX’s S-1 filing also valued the company’s Bitcoin position at around $1.45 billion. The company confirmed that 18,712 BTC holdings were unchanged compared to the number of coins it owned by the end of 2024. Furthermore, SpaceX’s assets were held in trust and secured via third-party custodians.
Custody Structure and Historical Positioning
SpaceX first added Bitcoin to its balance sheet in 2021 during the pandemic-era crypto boom, initially acquiring 25,724 BTC. SpaceX could be seen as an early stage of the institution’s adoption of digital assets and high-growth alternative reserves globally.
Fluctuations have occurred in SpaceX’s performance with regard to its Bitcoin Holdings in several previous reporting cycles, resulting in a $112 million unrealized loss this year, whereas the firm posted a $955 million paper gain in 2024. Furthermore, on-chain analytics showed SpaceX trimmed its prior holdings partially.
Elon Musk has previously described Bitcoin as a positive innovation, while also reversing Tesla’s acceptance of BTC payments in 2021 due to environmental concerns. Musk previously referred to Bitcoin as positive innovation, although he also reversed Tesla’s acceptance of BTC payments in 2021 for environmental reasons. SpaceX’s latest S-1 filing does not include his broader cryptocurrency commentary.
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