Tesla and SpaceX hold over $1.3 billion in Bitcoin

Arkham Intelligence has disclosed that Elon Musk’s companies, Tesla and SpaceX, collectively hold 19,794 Bitcoin (BTC), valued at over $1.3 billion. Tesla’s share amounts to 11,509 BTC across 68 addresses, worth approximately $770.7 million, while SpaceX holds 8,285 BTC in 28 addresses, valued at $554.9 million. The analytics firm’s findings align with the companies’ financial statements, confirming Tesla’s $1.5 billion Bitcoin purchase in January 2021 and subsequent sales in the first and second quarters of 2021.

The revelation of these holdings provides insight into the cryptocurrency strategies of two of Musk’s major ventures. Tesla’s engagement with Bitcoin includes a brief period where the electric vehicle manufacturer accepted the digital currency as payment. Meanwhile, SpaceX’s Bitcoin investment had been acknowledged by Musk, but the specifics were not publicly known until now, partly due to the aerospace manufacturer’s private status. The Wall Street Journal reported that SpaceX had written down its Bitcoin holdings by $373 million, reflecting the volatile nature of cryptocurrency investments.

The broader context of these holdings comes amid a surge in Bitcoin’s price, which is trading at $67,500, and a growing interest in Bitcoin ETFs, such as the Volatility Shares 2X Bitcoin Strategy ETF (BITX), which is nearing $1 billion in assets. Additionally, the travel booking platform Travala.com has introduced a Bitcoin cashback program, indicating increasing adoption of the cryptocurrency in various sectors. These developments, combined with the significant Bitcoin holdings of Tesla and SpaceX, underscore the cryptocurrency’s expanding influence in the corporate world and its potential impact on market dynamics.

Requests for comments from Tesla and SpaceX regarding their Bitcoin holdings have been made by The Block, as the crypto community and investors closely watch these high-profile corporate investments for indications of future market movements.