Analysis: Fair value accounting measurement of Bitcoin held by SpaceX may cause significant fluctuations in financial reports Odaily Daily News: SpaceX disclosed in its latest S-1 filing that it holds approximately 18712 bitcoins, with a current market value of about $1.4 billion, significantly higher than previous market expectations, and a cost of about $661 million. This Bitcoin position has become an important component of SpaceX's balance sheet, accounting for approximately 1.8% of total assets and making it one of the major enterprise level Bitcoin holders second only to a few institutions. The more critical issue lies in the financial volatility risk brought about by accounting treatment. Analysts say that measuring Bitcoin at fair value will result in its price fluctuations being directly reflected in financial reports every quarter, which may cause significant "accounting noise" due to sharp fluctuations in profits unrelated to core businesses such as rocket launches and satellite operations. Market insiders believe that this mechanism may make it more difficult for investors to evaluate SpaceX's true operational performance, and Bitcoin holdings may evolve from a "strategic reserve asset" to a key variable affecting financial stability (Fortune).