SpaceX's IPO reveals 18,712 bitcoin held as strategic cash reserve

SpaceX's S-1 filing revealed 18,712 bitcoin bought for $661 million, now worth $1.29 billion. Unlike Strategy, SpaceX treats bitcoin as a small non-core cash reserve within a $1.8 trillion valuation, potentially normalizing corporate bitcoin holdings at a new scale.

• SpaceX disclosed 18,712 BTC bought for $661 million, now valued at $1.29 billion as of March 31
• The bitcoin stake is described as a 'strategic reserve for excess cash' within a $1.8 trillion company
• Onchain analysts had estimated SpaceX held only about 8,300 bitcoin, less than half the real number
• SpaceX must now report bitcoin fair-value gains and losses every quarter under public company rules
• The position has a cost basis around $35,000, still up about 80% despite bitcoin being 37% below its January high

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