A recent report has shed light on the substantial Bitcoin holdings of Elon Musk’s companies, Tesla and SpaceX. According to Arkham Intelligence, an AI-based blockchain analytics platform, Tesla made a significant investment in Bitcoin back in January 2021, purchasing around $1.5 billion worth of the cryptocurrency. Since then, the automotive company has engaged in several transactions involving Bitcoin, with sales totaling $1.208 billion.
Arkham Intelligence disclosed that Tesla currently holds a substantial 11,510 BTC, valued at $780 million. This sizable Bitcoin portfolio is spread across 68 wallet addresses, showcasing the company’s commitment to the cryptocurrency market. Despite fluctuations in Bitcoin’s price, Tesla’s holdings have proven to be profitable, positioning the company as the third-largest Bitcoin holder, trailing behind MicroStrategy.
On the other hand, SpaceX, Elon Musk’s private aerospace company, holds approximately $8,290 BTC, equivalent to $560 million. These Bitcoin assets are distributed across 28 wallet addresses, indicating the company’s strategic approach to cryptocurrency investments. With these holdings, SpaceX joins Tesla in the ranks of major financial institutions with significant Bitcoin portfolios.
Elon Musk has had a tumultuous relationship with Bitcoin, characterized by fluctuations in his companies’ holdings. Earlier in 2023, Bitcoin’s price plummeted below $25,000 following SpaceX’s decision to sell off its Bitcoin assets. However, recent reports suggest that Tesla may be ramping up its involvement in Bitcoin, with the acquisition of an additional 1,790 BTC. This move reflects a shift in Musk’s stance towards the cryptocurrency market, indicating a renewed interest in Bitcoin.
At the time of writing, Bitcoin is trading at $67,279, with price fluctuations in response to market dynamics. The cryptocurrency recently reached an all-time high of $69,200, showcasing its volatile nature. Despite price retracements, Bitcoin remains a lucrative investment option for companies like Tesla and SpaceX, offering significant returns on their initial investments.
The Bitcoin holdings of Tesla and SpaceX highlight the profitability and potential of cryptocurrency investments. With substantial assets in Bitcoin, both companies have positioned themselves as key players in the digital asset market. As the cryptocurrency landscape continues to evolve, Elon Musk’s companies are poised to capitalize on the growing trend towards decentralized finance.