Bitcoin News
By Bruce Buterin
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Bitcoin Holdings Fall $540 Million. The crypto story is pretty straightforward, and also kind of murky at the same time.
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912 Million Shares Hit the Market August 6. Then there's the lock-up. On August 6 — basically tomorrow from when these results landed —…
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Musk's Bitcoin Bet Across SpaceX and Tesla. SpaceX doesn't sit alone in the institutional Bitcoin conversation.
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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.
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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…
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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.
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No executive comment on the crypto movement appeared in the report. No explanation for the drop. Just the numbers, sitting there.
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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…
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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.
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Markets generally don't love lock-up expirations even in calm conditions. SpaceX's post-IPO run has been rough.
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See also: American Bitcoin Bets on Bitcoin Amid $57 Million Loss, ABTC Stock Rises 5%
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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.
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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.
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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…
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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…
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