SpaceX is sitting on a huge pile of Bitcoin and Trump orders a naval blockade of the Strait of Hormuz.

This is Coin Desk Daily. I'm Jensenassie.

SpaceX is holding over 8,200 Bitcoin worth $603 million in Coinbase Prime custody. That's even after the company

reported a loss of nearly $5 billion for 2025. Now, revenue grew to $18.5 billion, but the integration

of Elon Musk's XAI pushed costs past the top line. The loss marks a sharp reversal from a

year earlier when SpaceX generated roughly

$8 billion in profit. Now, despite the losses, there are no changes to its Bitcoin

position on chain data shows the last significant movement was an internal rebalance about

four months ago. The Bitcoin stash ranks SpaceX as the fourth largest known corporate holder

of Bitcoin. President Trump

ordered the U.S. Navy to blockade the Strait of Wormuz on Sunday, escalating the conflict

with Iran after negotiators failed to reach an extended ceasefire. Iran has already prevented

most maritime traffic from transiting the strait since the U.S. launched air strikes at the end

of February. Oil futures surged on the announcement

while Bitcoin slits below $71,000. The blockade threatens to turn an already tight market

into an unprecedented supply shock, raising the risk of higher inflation, broader market

volatility and pressure on risk assets like Bitcoin. And the dispute between World Liberty

Financial and Justin Sun may turn into a legal

battle. The Trump linked project posted on X saying, quote, we have the contracts, we have the

evidence, we have the truth, CN Corpal. This comes after Sun accused World Liberty of treating its

users as personal ATMs. The trigger was World Liberty depositing five billion tokens as collateral

on a defy lending platform

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