A recent report has shed light on the Bitcoin assets held by Elon Musk’s companies, Tesla and SpaceX, and the profits they have garnered so far.
Bitcoin Holdings of Tesla and SpaceX Revealed
On Thursday, March 7, Arkham Intelligence, an AI-powered blockchain analytics platform, disclosed the Bitcoin holdings of SpaceX and Tesla—companies founded by X (formerly Twitter) owner, Elon Musk. The report also detailed Tesla’s Bitcoin transactions from 2021 to 2024.
Arkham revealed that Tesla purchased approximately $1.5 billion worth of BTC in January 2021. The automotive company later carried out multiple transfers, selling its Bitcoin holdings worth $272 million in the first quarter of 2021 and about $936 million in the second quarter of 2022.
Arkham claims that Tesla currently holds an impressive 11,510 BTC, valued at $780 million, spread across 68 wallet addresses.
Meanwhile, SpaceX, the private space exploration and technology company, reportedly holds around 8,290 BTC, worth approximately $560 million. These holdings are distributed across 28 wallet addresses.
The combined Bitcoin holdings of Tesla and SpaceX place them alongside major financial institutions in terms of BTC ownership. Tesla ranks third among the largest Bitcoin holders, with MicroStrategy leading the list, possessing around 190,000 BTC valued at over $8 billion.
Despite holding significant amounts of Bitcoin, Musk’s relationship with the cryptocurrency has been mixed. Earlier in 2023, Bitcoin prices dropped below $25,000 after SpaceX sold all its Bitcoin holdings. However, it appears that the space company is taking a renewed interest in Bitcoin, as evidenced by its significant holdings.
Tesla Could Be Increasing Its Bitcoin Investments
A crypto community member known as “Definalist” on X has suggested that Tesla may be expanding its Bitcoin investments. Referring to Arkham Intelligence’s report on Tesla’s BTC holdings, Definalist noted that the company acquired an additional 1,790 BTC.
According to Definalist, Tesla’s BTC balance sheet showed approximately 9,720 BTC in 2023. By 2024, the automotive company’s portfolio had grown to 11,510 BTC, indicating an unreported purchase of an extra 1,790 BTC.
This substantial increase in Bitcoin holdings could be due to growing enthusiasm for the cryptocurrency, driven by recent bullish trends and significant price increases. As of now, Bitcoin is trading at $67,279, according to CoinMarketCap. The cryptocurrency reached an all-time high of $69,200 on March 5 before retreating to its current level.