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SpaceX dropped 6% in after-hours trading Tuesday. The company had just posted second-quarter financials that beat market expectations — and somehow the stock still fell.
The timing matters. SpaceX released those Q2 numbers roughly two months after its $86 billion stock market debut, one of the biggest listings anyone in the market had seen in years. Strong results should have been a catalyst. Instead, traders fixated on two things: a shrinking crypto pile and a massive share unlock sitting one day away.
Bitcoin Holdings Fall $540 Million
The crypto story is pretty straightforward, and also kind of murky at the same time. SpaceX reported $1.10 billion in crypto assets at the end of Q2, down from $1.64 billion at the close of 2025. That’s a $540 million reduction in about six months. As of March 31, the company held 18,712 bitcoins, acquired for roughly $661 million. But here’s the thing — the latest report doesn’t say how many bitcoins SpaceX actually holds right now. That number wasn’t disclosed. So investors are left doing rough math and guessing whether the company sold coins, whether prices just dragged the book value down, or both.
No executive comment on the crypto movement appeared in the report. No explanation for the drop. Just the numbers, sitting there.
That opacity is probably what’s driving frustration more than the decline itself. Institutional Bitcoin holders get scrutinized hard when they don’t explain their moves, and SpaceX isn’t exactly making it easy for analysts to model the position. The book value is there. The current coin count isn’t.
912 Million Shares Hit the Market August 6
Then there’s the lock-up. On August 6 — basically tomorrow from when these results landed — approximately 912 million shares held by employees and early investors become tradable. That’s a lot of supply hitting a stock that’s already down nearly 50% from its June peak of $225. The math on that is uncomfortable no matter how you look at it.
Markets generally don’t love lock-up expirations even in calm conditions. SpaceX’s post-IPO run has been rough. A 50% drawdown from peak in roughly two months is the kind of chart that makes long-only funds nervous, and the prospect of 912 million new shares entering circulation gives sellers more cover to move.
The 6% after-hours drop seems to be the market pricing in that risk early. Whether it holds or worsens once trading opens is unclear.
Musk’s Bitcoin Bet Across SpaceX and Tesla
SpaceX doesn’t sit alone in the institutional Bitcoin conversation. Combined with Tesla, Elon Musk’s companies hold over 30,000 bitcoins total. That’s a big number. It keeps both firms at the center of every serious discussion about tech giants treating Bitcoin as a treasury asset rather than a speculative side bet.
Tesla went through its own version of this scrutiny a few years back — buying, disclosing, then partially selling Bitcoin — and the market reacted badly to the lack of consistent communication. SpaceX seems to be walking a similar line right now. The reduction in crypto reserves raises questions, and the report didn’t really answer them.
And it’s not just a SpaceX-specific issue. The broader institutional crypto space has spent years arguing that large balance-sheet holders lend legitimacy to Bitcoin as an asset class. When those same holders quietly reduce positions without explanation, it cuts against that narrative. Not catastrophically, but enough to notice.
SpaceX did manage to cut its net loss during the quarter, which is the kind of operational progress investors in a capital-heavy aerospace company want to see. The core business — rockets, satellites, Starlink — continues to generate the kind of revenue trajectory that justified that $86 billion valuation in the first place. But right now, the crypto line item and the share unlock are eating most of the attention.
The company’s stock sat nearly 50% below its June peak of $225 heading into this report. The after-hours move didn’t help. Whether the lock-up expiration triggers a meaningful selloff or gets absorbed quietly, the next few trading sessions will say more about SpaceX’s post-IPO stability than any quarterly earnings beat.
SpaceX’s crypto assets stood at $1.10 billion at Q2 close, down from $1.64 billion six months prior.
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Frequently Asked Questions
How much did SpaceX’s crypto assets decline between end of 2025 and Q2?
SpaceX’s crypto assets fell by $540 million, dropping from $1.64 billion at the close of 2025 to $1.10 billion at the end of the second quarter.
How many bitcoins did SpaceX hold as of March 31?
As of March 31, SpaceX held 18,712 bitcoins, acquired for approximately $661 million, though the current number was not disclosed in the latest report.
