Elon Musk’s SpaceX is sending an interesting signal. Even after recording losses of about $5 billion in 2025, it’s notable that it continues to hold Bitcoin until the end. According to data from Arkham Intelligence, SpaceX is holding 8,285 BTC, which is worth around the $600 million range at current prices.

The more intriguing part is the cause of the losses. In 2025, revenue increased to $18.5 billion, but the consolidated costs from xAI that Musk acquired in February are said to have swallowed up all of the revenue growth. In other words, the company that had generated about $8 billion in profit the previous year has turned things around abruptly.

But what’s surprising here is the Bitcoin position. Since mid-2024, it hasn’t moved even once. There was only some internal rebalancing about four months ago. What this means is that Musk and SpaceX are viewing Bitcoin not as a mere speculative asset, but as a financial asset. You can tell from the fact that they didn’t liquidate this highly volatile asset even ahead of an IPO.

SpaceX is currently at the fourth level in terms of corporate Bitcoin holdings. There aren’t many companies that can sustain losses like this and still hang on, but Musk’s SpaceX feels like it’s moving differently. It will be interesting to see how the market will read these signals.