SpaceX's S-1 filing has disclosed a bitcoin treasury position that puts the company firmly in the institutional-holder tier: 18,712 BTC with a total cost basis of approximately $661 million, implying an average acquisition price of around $35,300 per coin. As of March 31, 2026, those holdings carried a fair value of roughly $1.293 billion — an unrealised gain of over $630 million.
The average cost basis of $35,300 places SpaceX's accumulation squarely in the 2022–2023 bear-market window, suggesting the position was built deliberately at depressed prices rather than chased at cycle highs. That kind of disciplined entry, from a company of SpaceX's scale, is the type of institutional signal the market treats as structural rather than speculative.
With the S-1 now public, the disclosure adds SpaceX to the short list of major non-financial corporations holding bitcoin as a treasury asset…
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