Bitcoin held above the $64,000 threshold on Thursday as investors scrutinized a $100 billion SpaceX share unlock tied to the first public listing of Elon Musk’s space company. The cryptocurrency posted a modest weekly gain of 0.5%, in a climate where market attention has temporarily shifted to the record-breaking valuation of the space firm and its unexpected exposure to bitcoin.
🔑 Key Takeaways
- Bitcoin steady above $64,000, weekly gain of +0.5%
- SpaceX holds 18,712 BTC (~$1.1B), average purchase price $35,320
- 912 million insider shares set to unlock on August 6
- SpaceX BTC reserves lost $540M since end-2025 (≈-33%)
- US spot Bitcoin ETFs: +$85.9M Friday, largest inflow since mid-May
SpaceX Bitcoin Reserves More Than Double Analyst Estimates
The most striking revelation came from SEC filings tied to the IPO. SpaceX disclosed holdings of 18,712 bitcoins, valued at roughly $1.1 billion as of June 30, 2025, with an average purchase price of $35,320 per unit. This position places SpaceX among the top 7 institutional corporate bitcoin holders among publicly traded firms, alongside MicroStrategy, Marathon Digital, and Tesla.
Analysts had previously estimated roughly 8,000 BTC, so the disclosure of more than 18,000 came as a major surprise. SpaceX began accumulating bitcoin in early 2021, during the post-Covid bull wave. The company has never sold any units since, despite the volatility of the 2022-2023 cycle.
Coinbase Prime Transfer Revives Liquidation Speculation
In mid-August, SpaceX transferred 1,083 BTC, worth approximately $99.81 million, to Coinbase Prime, the institutional-grade custody platform. The move briefly fueled liquidation rumors, until on-chain data revealed that SpaceX still held 5,012 BTC in its main wallets. The transfer therefore represented only about 10% of total crypto treasury, consistent with a treasury management rotation rather than a sale.
The intensification of wallet activity since October coincides with an episode where $19 billion in leveraged crypto positions were liquidated. This synchronization suggests that SpaceX’s finance team actively monitors volatility to adjust its security protocols.
Solid Quarterly Results but CapEx Out of the Ordinary
Q2 numbers beat analyst expectations. SpaceX generated $7.8 billion in revenue, up 92% year-on-year, against a consensus of $6.9 billion. The net loss narrowed to $541 million, down from $1 billion a year earlier, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) nearly tripled to $3.5 billion.
« Bitcoin has regained momentum since Monday, with buyers stepping in during the dip to $62,500 to push the price back above its 50-day moving average. »
Alex Kuptsikevich, analyst at FxPro
But the bitter note came from capital expenditure: $18.4 billion for the quarter, or $5.4 billion more than the $13 billion analysts had expected. These investments fund Starship development, Starlink expansion, and AI infrastructure. The SPCX stock fell 6% in after-hours trading to around $118, before stabilizing near $125.
SpaceX Q2 2025 Results Recap
| Metric | Q2 2025 | Q2 2024 | Consensus |
|---|---|---|---|
| Revenue | $7.8B | $4.06B | $6.9B |
| Year-on-year change | +92% | — | — |
| Net loss | -$541M | -$1.0B | — |
| Adjusted EBITDA | $3.5B | ~$1.2B | — |
| CapEx | $18.4B | — | $13B |
The August 6 Unlock: A Confidence Test
The market is now bracing for a major technical event: on August 6, approximately 912 million shares held by SpaceX insiders will become tradable. The milestone had been anticipated by some players even before the earnings release. With an IPO seeking to raise around $75 billion at a valuation between $1.75 trillion and $2 trillion, the supply-and-demand mechanics of the float will weigh directly on sentiment.
Raised funds are earmarked to accelerate Starlink network deployment, orbital data centers, and Mars projects. SpaceX estimates its total addressable market (TAM) in AI, space technologies, and connectivity services at $28.5 trillion.
Bitcoin: Technical Dynamics, ETF Flows, and Macro Backdrop
Technically, bitcoin reclaimed its 50-day moving average, an indicator tracked by traders to identify trend reversals. Buyers stepped in during the dip to $62,500, pushing the price back above the key threshold. According to Alex Kuptsikevich, optimism is concentrating on bitcoin itself rather than the broader crypto market, a pattern typical of the early phases of a longer-term trend shift.
US spot bitcoin ETFs (exchange-traded funds that directly track the bitcoin price) are showing signs of recovery. On Friday they recorded $85.9 million in net inflows, the largest daily contribution since mid-May. Some analysts estimate that recent outflows partly reflected investors mobilizing liquidity to participate in the SpaceX IPO, and that this source of selling pressure is now fading.
The broader macroeconomic backdrop remains mixed. The MSCI All Country World index fell 0.2%, ending a five-session winning streak. South Korea’s Kospi dropped 4.4%, gold gained 0.4%, and Brent slipped below $80 per barrel — a cocktail pushing investors to arbitrage between traditional asset classes and digital assets.
Institutional Adoption Put to the Market Test
SpaceX’s BTC reserves have lost $540 million since the end of 2025, falling from $1.64 billion to $1.1 billion as of June 30. This depreciation represents a loss of about 33% over the period. The company has shown no sign of intending to sell, and with bitcoin trading near $64,000, the position remains significant relative to quarterly revenue.
The Tesla comparison remains unavoidable. The automaker holds about 11,509 bitcoins and briefly accepted the cryptocurrency as payment for its vehicles before suspending the option for environmental reasons. Combined, the two Musk-owned entities represent more than 30,221 BTC, or close to $1.9 billion at the current price, cementing Musk’s role as a major — and unpredictable — institutional adoption actor.
Conclusion: Between Portfolio Rotation and Structural Signal
The August 6 SpaceX unlock will be a major confidence test, both for the space firm’s valuation and for the way the crypto market absorbs a massive influx of yield-seeking liquidity. If the IPO absorbs part of the selling flow observed on ETFs, bitcoin could regain autonomous momentum above $64,000.
The disclosure of 18,712 BTC in SpaceX’s books also reframes the corporate adoption debate. At an average purchase price of $35,320, the company remains a clear winner on its position despite recent volatility, and its decision to hold reinforces the thesis of bitcoin as a long-term treasury asset — even for actors whose core business has, ostensibly, nothing to do with blockchain.
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This article is for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
