SpaceX, led by Elon Musk, recently adjusted the valuation of its Bitcoin holdings, reducing their estimated worth by $373 million over the past two years.

This financial move led to speculation that SpaceX had liquidated its entire Bitcoin portfolio, causing a temporary drop in Bitcoin's price.

However, the adjustment in Bitcoin valuation is a standard accounting practice and doesn't necessarily mean the assets were sold.

Tesla, another company headed by Musk, had a similar approach to its Bitcoin holdings, making substantial adjustments.

In Q1 2021, Tesla purchased $1.5 billion worth of Bitcoin and later sold $272 million to demonstrate Bitcoin's liquidity as an alternative to cash.

In July of the same year, Tesla sold about 75% of its Bitcoin holdings, acquiring $936 million in cash due to COVID-related uncertainties in China.

Musk clarified that these sales were not a lack of confidence in Bitcoin, stating they remained open to increasing their Bitcoin holdings.

Despite these adjustments, Tesla still holds about $184 million worth of Bitcoin, as reported in Q2 2023 financials.

The SpaceX and Tesla maneuvers highlight the necessity of regularly assessing and adapting to the volatile cryptocurrency market.

Both companies are expected to continue adjusting their strategies as they navigate the ever-changing crypto landscape.