SpaceX Takes a Hit from Bitcoin Bear Market

SpaceX, the rocket company led by Elon Musk, reported significant losses on its Bitcoin holdings in Q2. According to the company's financial report, SpaceX held $540 million in paper losses on its digital assets, which were worth $1.1 billion as of June 30.

This represents a 31% decline from the previous quarter's value of $1.6 billion. SpaceX did not provide a detailed breakdown of its cryptocurrency holdings, similar to Tesla Inc., another major company led by Musk.

The space exploration company disclosed in its IPO filing that it held 18,712 BTC on its balance sheet. At Bitcoin's closing price of $58,558 on June 30, the total value was consistent with SpaceX's reported digital asset holdings.