SpaceX, Bitcoin, and the Difference Between Accounting Recovery and Real Liquidity

The public discussion around the recovery in value of SpaceX’s Bitcoin holdings requires technical precision. SpaceX held 18,712 BTC and did not sell during the first-half decline of 2026. At June 30, 2026, the holdings were worth about USD 1.098 billion , compared with USD 1.637 billion at the end of 2025. The decline of roughly USD 539 million was an unrealized loss under mark-to-market accounting, not a cash outflow. With Bitcoin near USD 81,700 in early October 2026, the same holdings were worth about USD 1.53 billion , implying a recovery of roughly USD 430 million from the June close. The correct reading is fair value accounting , not monetization.

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