The short version
- SpaceX Bitcoin holdings stayed at 18,712 BTC in Q3: the 10-Q filed on October 22 shows the same count and the same $661 million cost as every filing since the end of 2024.
- At $80,532 the stack is worth about $1.51 billion, up 128% on cost, after sitting through Bitcoin’s 54% crash without a sale; it ranks 7th among public companies, ahead of Coinbase.
- The crew is watching whether BTC can get back above $84,060, the price behind SpaceX’s $1.573 billion Q3 mark, and whether the Tesla merger talks put both stacks on one balance sheet.
SpaceX bitcoin has sat through a 54% crash without a single coin leaving the stack. Bitcoin fell from its $126,080 record in October 2025 to $57,800 in July, and SpaceX held on the whole way down.
Its third-quarter report, filed with the SEC on October 22, puts it in one line: on September 30 the company held 18,712 units of Bitcoin, bought for $661 million and worth $1.573 billion. At $80,532 at the time of writing, the stack is worth about $1.51 billion. So how long has SpaceX been sitting on it, and what has Elon Musk said about it?
Even Coinbase wanted to know after SpaceX’s results on Tuesday:
How Much SpaceX Bitcoin Is on the Books?
SpaceX reports 18,712 BTC, the same number in every filing it has made. The IPO prospectus showed 18,712 at the end of 2024, the end of 2025 and March 31, and both quarterly reports since then show it again. The cost basis hasn’t moved off $661 million either, so no coins came in and none went out.
One detail is easy to miss. The October 20 earnings release only listed $1.573 billion of “digital assets” and never used the word Bitcoin. The coin count turned up two days later, in Note 7 of the 10-Q.
Here’s what the paper swings looked like. $661 million works out to about $35,325 per coin, so SpaceX is up roughly 128% on its purchase. The stack peaked near $2.33 billion in October 2025 and bottomed at $1.10 billion on June 30, the same day SpaceX closed its first quarter as a listed company. Q3 alone added $475 million in value, though the stack is still $64 million below where it ended 2025.
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Did SpaceX Ever Sell Its Bitcoin?
Not since the end of 2024, and the filings point to no change since at least the start of 2024. Before that is murkier. In August 2023, the Wall Street Journal reported that SpaceX had written its bitcoin down by $373 million over 2021 and 2022 and had sold some, without saying how much.
The prospectus shows what that write-down looked like on the books. Under the old accounting rules, companies could only mark bitcoin down, never back up, and SpaceX carried its coins at $299 million at the end of 2023. A new rule that lets companies use the market price lifted that to $794 million on January 1, 2024. At that day’s price of about $42,300, $794 million is roughly the same 18,700 coins it holds today.
It also explains a long-running mix-up. On-chain trackers such as Arkham had pegged SpaceX at about 8,285 BTC, because they had only found part of its wallets. The filing count is more than double that.
Where Does SpaceX Rank Among Bitcoin Companies?
Seventh among public companies on the BitcoinTreasuries list. Only Strategy (848,517 BTC), Metaplanet (44,000), Twenty One Capital (43,514), Strive (36,818), MARA (35,577) and Bullish (22,000) hold more. That puts SpaceX ahead of Coinbase’s own treasury of 17,311 BTC, and well ahead of Tesla in 11th place with 11,509.
For SpaceX itself, it is pocket change. At Friday’s close of $147.49 for SPCX and 13.58 billion shares, SpaceX is worth about $2.0 trillion, so the bitcoin is about 0.075% of the company, or roughly 11 cents a share. It is also just 0.6% of the $254 billion in total assets on the September 30 balance sheet. With that much cash on hand, SpaceX has no reason to sell.
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What Has Elon Musk Said About Bitcoin?
Musk’s Bitcoin views have blown hot and cold, and the SpaceX stack outlasted all of them. Four moments sum it up:
- December 2020: Musk told Michael Saylor on Twitter that “Bitcoin is almost as bs as fiat money.”
- July 2021: At The B Word conference, he said that he, Tesla and SpaceX all own Bitcoin, the first time SpaceX’s holding was made public, CNBC reported.
- July 2022: Tesla said it had sold about 75% of its bitcoin.
- July 2025: Asked whether his America Party would embrace Bitcoin, Musk replied: “Fiat is hopeless, so yes.”
Tuesday’s call was about rockets, AI and a possible deal with Tesla. Musk’s own post that day said “$1T in SpaceX revenue in 2028 is no longer impossible”, the post Coinbase replied to. If the two companies do combine, the 30,221 BTC would land on one balance sheet; we covered that in the Tesla SpaceX merger story.
Bitcoin Price Analysis: What Does BTC Need to Lift SpaceX’s Stack?
About 4.4% to get back to the September 30 value. SpaceX’s filing priced the coins at roughly $84,060 each, and Bitcoin trades at $80,532, a hair under its 50-day EMA at $80,841. The 200-day EMA sits much lower, at $76,312.
- The first ceiling: $82,061. Friday’s high, where the last bounce stalled.
- The bigger ceiling: $84,898. Wednesday’s high, just above the Q3 mark.
- The floor to defend: $79,221. Saturday’s low, the lowest price this month.
In the bull case, BTC closes above $82,061 and runs at $84,898, which would put SpaceX’s stack back above $1.57 billion. In the base case, it chops between $79,221 and $82,061 into the Fed meeting on October 28. In the bear case, a daily close under $79,221 opens the way to the 200-day near $76,300.
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SpaceX isn’t a buyer, and it isn’t a seller. That makes it one of the quietest big holders in the market: 18,712 coins that have been off the table for almost three years. The next check comes with the full-year report early in 2027, or sooner if the Tesla committees put a deal on paper.
