Bitcoin took a deep dive below the $25,000 mark, rattling investors and traders, following a revelation that Elon Musk’s space exploration company, SpaceX, had sold its BTC holdings. The value of the leading cryptocurrency fell to a low of $24,711, sparking similar declines in Bitcoin-related stocks such as Coinbase, Marathon Digital, and Riot Platforms.
Documents scrutinized by The Wall Street Journal unveiled that SpaceX has cleared out its Bitcoin holdings, coming after marking down the value of its holdings for two consecutive years, 2021 and 2022. “SpaceX wrote down the value of Bitcoin it owns by a total of $373 million last year and in 2021 and has sold the cryptocurrency,” claims the WSJ report.
Although the exact sum of the sold Bitcoin is undisclosed, financial documents revealed SpaceX’s significant expenditure: approximately $5.2 billion in total for 2022, encompassing property acquisition, equipment, and R&D…
