SpaceX, MSTR Hold BTC

Strategy Inc. (NASDAQ: MSTR ) holds 45 times more Bitcoin (CRYPTO: BTC) than SpaceX (NASDAQ: SPCX ) , but SpaceX’s $35,320 average cost basis may matter more for institutional adoption than Saylor’s entire accumulation campaign.

Strategy Built A Financial Machine Around Bitcoin, SpaceX Just Holds It Strategy owns 846,842 Bitcoin worth roughly $55.8 billion, representing over 4% of all Bitcoin that will ever exist and 67% of the top 100 institutional holders combined.  The company raises capital through equity, convertible debt, and preferred stock, then converts everything into Bitcoin.  When MSTR trades at a premium to Bitcoin NAV, it issues equity and buys more, a loop that works as long as Bitcoin appreciates and demand for leveraged exposure holds.

SpaceX’s approach is the opposite.

It bought 18,712 Bitcoin for $661 million at roughly $35,320 per coin, held through Bitcoin’s slide below $60,000 without selling, and has not added a single coin since at least December 2025.  The S-1 contains no stated acquisition plan, no custodian disclosure, and no strategic rationale.

It simply holds Bitcoin as a treasury reserve, the way other companies hold gold.

The Cost Basis Gap Tells The Real Story SpaceX sits on unrealized gains of more than 100% at current prices.

Strategy’s average cost of $66,385 per coin leaves it near breakeven at current levels, underwater during any meaningful dip.

The structural risks around Strategy are real.

STRC preferred stock now trades at $89, meaning investors who bought at par are down 11%.  Every preferred issuance increases cash drain.

The first Bitcoin sale in May rattled markets despite representing 0.004% of holdings.

Fair-value accounting forced a $12.4 billion reported loss in Q4 2025 when Bitcoin fell.

Why SpaceX’s Small Position May Matter More Than Strategy’s Giant Stack SpaceX treats its $1.29 billion Bitcoin position as less than 0.1% of its $1.8 trillion valuation.

That normalization, a company building rockets and satellites that also holds Bitcoin as a line item, is what mainstream institutional adoption actually looks like.  How SpaceX handles Bitcoin’s fair-value swings in its first public earnings reports will signal whether the largest Bitcoin treasury ever brought to an IPO is a durable holding or a Tesla-style exit waiting to happen.

Tesla (NASDAQ: TSLA ) sold most of its Bitcoin in 2022 to avoid earnings volatility.

SpaceX held through worse.

That distinction is what every institutional Bitcoin watcher is now tracking.

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