--- title: "SpaceX Held Bitcoin in Q2; Why Unleveraged Model Is More Bullish for Market Outlook Than MicroStrategy?" type: "News" locale: "en" url: "https://longbridge.com/en/news/294931169.md" description: "SpaceX reported strong Q2 revenue but incurred $18.4B in CapEx, primarily for AI infrastructure. Unlike MicroStrategy, which sold Bitcoin to manage debt and liquidity pressures, SpaceX maintained its 18,700 BTC holdings unchanged. This unleveraged treasury model contrasts with MicroStrategy's high-leverage approach, reducing sell-off risks and providing a more stable outlook for Bitcoin's market structure." datetime: "2026-08-05T08:14:41.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294931169.md) - [en](https://longbridge.com/en/news/294931169.md) - [zh-HK](https://longbridge.com/zh-HK/news/294931169.md) --- # SpaceX Held Bitcoin in Q2; Why Unleveraged Model Is More Bullish for Market Outlook Than MicroStrategy? TradingKey - Unlike MicroStrategy, SpaceX kept its Bitcoin holdings unchanged in the second quarter, easing market sell-off pressure. On August 4, Eastern Time, SpaceX ( SPCX) released its first quarterly earnings report since its listing during post-market hours. Overall, the company's revenue performance was strong, exceeding Wall Street expectations, and its losses narrowed significantly. However, total capital expenditure (CapEx) reached a staggering $18.4 billion, while CapEx for AI computing infrastructure hit $15.8 billion, accounting for as high as 85% of total CapEx, a metric that also triggered market panic. Although SpaceX remains in a loss-making state and its astronomical capital expenditure has severely eroded free cash flow, the company remains firm in not selling its Bitcoin ( BTC ), preventing further panic in the crypto market. As of press time, SpaceX holds 18,700 BTC, ranking 12th globally in size, surpassing Coinbase ( COIN ), Riot Platforms ( RIOT) and other crypto enterprises. Some entities holding Bitcoin, Source: CoinGecko Between July 27 and August 2 this year, MicroStrategy, the company with the largest Bitcoin holdings, ( MSTR) sold a total of 1,638 Bitcoins, cashing out over $100 million to maintain liquidity for its balance sheet and high-yield securities. This included paying semi-monthly cash dividends on its Series A perpetual preferred stock, repurchasing preferred stock at a discount to reduce future dividend and interest expense burdens, and replenishing cash flow, among other purposes. MicroStrategy has long been seen as a symbol of super-bullish faith in 'never selling Bitcoin.' Its sudden move to start selling was interpreted by some traders as a loosening of the bullish creed and a sell-off signal, igniting short-term panic and causing the Bitcoin price to plunge to around $62,000 at one point. Compared to MicroStrategy's highly leveraged capital operations model, SpaceX's unleveraged treasury model offers greater and more sustainable positive benefits to the long-term price health of Bitcoin and the overall market structure. At the very least, it will not be forced to sell Bitcoin due to financial issues, with the root cause being that their different funding sources determine whether a sell-off risk exists. Dimension MicroStrategy Model SpaceX Model Source of Funds Debt issuance, preferred stock issuance, equity offerings (high leverage) Operating profits, own capital (no leverage) Sell-off Risk Need to liquidate and sell Bitcoin when facing interest/dividend payment pressure No debt maturity or interest payment pressure, allowing for indefinite holding Find out more ### Related Stocks - [MSTR.US](https://longbridge.com/en/quote/MSTR.US.md) - [STRC.US](https://longbridge.com/en/quote/STRC.US.md) - [GBTC.US](https://longbridge.com/en/quote/GBTC.US.md) - [IBIT.US](https://longbridge.com/en/quote/IBIT.US.md) - [MSTW.US](https://longbridge.com/en/quote/MSTW.US.md) - [MSTX.US](https://longbridge.com/en/quote/MSTX.US.md) - [BITB.US](https://longbridge.com/en/quote/BITB.US.md) - [ARKB.US](https://longbridge.com/en/quote/ARKB.US.md) - [FBTC.US](https://longbridge.com/en/quote/FBTC.US.md) - [SPCX.US](https://longbridge.com/en/quote/SPCX.US.md) - [SPCH.US](https://longbridge.com/en/quote/SPCH.US.md) - [BITO.US](https://longbridge.com/en/quote/BITO.US.md) - [BRRR.US](https://longbridge.com/en/quote/BRRR.US.md) - [BTCO.US](https://longbridge.com/en/quote/BTCO.US.md) - [BTCW.US](https://longbridge.com/en/quote/BTCW.US.md) - [HODL.US](https://longbridge.com/en/quote/HODL.US.md) - [EZBC.US](https://longbridge.com/en/quote/EZBC.US.md) - [IMST.US](https://longbridge.com/en/quote/IMST.US.md) - [MSDD.US](https://longbridge.com/en/quote/MSDD.US.md) - [MSOO.US](https://longbridge.com/en/quote/MSOO.US.md) - [MSST.US](https://longbridge.com/en/quote/MSST.US.md) - [MST.US](https://longbridge.com/en/quote/MST.US.md) - [MSTP.US](https://longbridge.com/en/quote/MSTP.US.md) - [MSTU.US](https://longbridge.com/en/quote/MSTU.US.md) - [MSTY.US](https://longbridge.com/en/quote/MSTY.US.md) - [MSTZ.US](https://longbridge.com/en/quote/MSTZ.US.md) - [MTYY.US](https://longbridge.com/en/quote/MTYY.US.md) - [SMST.US](https://longbridge.com/en/quote/SMST.US.md) - [WNTR.US](https://longbridge.com/en/quote/WNTR.US.md) - [SPCF.US](https://longbridge.com/en/quote/SPCF.US.md) - [SPAL.US](https://longbridge.com/en/quote/SPAL.US.md) - [SNK.US](https://longbridge.com/en/quote/SNK.US.md) - [SSPC.US](https://longbridge.com/en/quote/SSPC.US.md) - [SPCU.US](https://longbridge.com/en/quote/SPCU.US.md) - [LOFF.US](https://longbridge.com/en/quote/LOFF.US.md) - [03008.HK](https://longbridge.com/en/quote/03008.HK.md) - [03042.HK](https://longbridge.com/en/quote/03042.HK.md) - [03430.HK](https://longbridge.com/en/quote/03430.HK.md) - [07799.HK](https://longbridge.com/en/quote/07799.HK.md) - [09399.HK](https://longbridge.com/en/quote/09399.HK.md) - [BTCE.DE](https://longbridge.com/en/quote/BTCE.DE.md) - [BTCHKD.VAHK](https://longbridge.com/en/quote/BTCHKD.VAHK.md) - [BTCUSD.VAHK](https://longbridge.com/en/quote/BTCUSD.VAHK.md) - [COIN.US](https://longbridge.com/en/quote/COIN.US.md) - [RIOT.US](https://longbridge.com/en/quote/RIOT.US.md) - [STRF.US](https://longbridge.com/en/quote/STRF.US.md) - [STRK.US](https://longbridge.com/en/quote/STRK.US.md) - [STRD.US](https://longbridge.com/en/quote/STRD.US.md) ## Related News & Research - [SpaceX Reports $540 Million Losses on Bitcoin Holdings in Q2 — Elon Musk-Led Rocket Company Didn't Sell Any](https://longbridge.com/en/news/294907572.md) - [Bitcoin Bridge Halts All Swaps Indefinitely After AI Tools Outpace Security Fixes](https://longbridge.com/en/news/294982995.md) - [SpaceX clears estimates for first public report, revenue soars 92%](https://longbridge.com/en/news/294865402.md) - [SpaceX shares rise even as company insiders get a chance to sell for the first time](https://longbridge.com/en/news/295212780.md) - [Lockup expiry will offer the next test of investor appetite for SpaceX shares](https://longbridge.com/en/news/294905336.md)