Tesla and SpaceX Hold $1.3 Billion in Bitcoin Across Multiple Addresses, According to New Data
New data reveals that two companies owned by billionaire Elon Musk hold over $1.3 billion worth of Bitcoin (BTC) across multiple addresses. Tesla and SpaceX currently hold $1.34 billion worth of the top crypto asset by market cap across 96 combined wallet addresses, according to blockchain analytics firm Arkham Intelligence.
Details of Tesla and SpaceX’s Bitcoin Holdings
Arkham Intelligence has identified the BTC holdings of Tesla and SpaceX, making it the first to publicly identify these holdings on-chain. The firm believes that Tesla currently holds 11,510 BTC ($780 million) across 68 addresses, while SpaceX holds 8,290 BTC ($560 million) across 28 addresses.
Arkham further explains the companies’ holdings, pointing out that Tesla purchased $1.5 billion worth of Bitcoin in 2021 and also accepted the cryptocurrency as payment for its vehicles during a specific period. The on-chain fund flows identified by Arkham match financial statements from both companies.
- Tesla’s Bitcoin transactions:
- Purchased $1.5 billion of BTC in January 2021
- Sold $272 million BTC in Q1 2021
- Sold $936 million BTC in Q2 2022
- Allowed purchases of Teslas in Bitcoin between March 24 and May 12, 2021
- SpaceX’s Bitcoin transactions:
- Purchased an undisclosed amount of BTC
Musk’s Long-Term Bitcoin Holdings
In 2021, Elon Musk publicly acknowledged that he and both Tesla and SpaceX hold Bitcoin on their balance sheets for the long run. This indicates a belief in the long-term value and potential of the cryptocurrency.
Bitcoin Price Update
As of the time of writing, Bitcoin is trading at $67,897, showing a 1.47% increase over the past 24 hours.
Hot Take: Tesla and SpaceX’s Massive Bitcoin Holdings
Tesla and SpaceX’s significant Bitcoin holdings highlight the increasing adoption and acceptance of cryptocurrencies by major corporations. It also demonstrates Elon Musk’s personal interest in the crypto space. Here are some key takeaways:
- Tesla holds 11,510 BTC ($780 million) across 68 addresses.
- SpaceX holds 8,290 BTC ($560 million) across 28 addresses.
- Tesla purchased $1.5 billion worth of Bitcoin in 2021 and accepted it as payment for its vehicles during a specific period.
- Musk has publicly stated that he and both companies hold Bitcoin for the long run.
- The on-chain fund flows identified by Arkham Intelligence align with Tesla’s financial statements.
This news further solidifies Bitcoin’s position as a valuable asset class that is being embraced by major players in various industries. It also highlights the potential for further growth and adoption of cryptocurrencies in the future.
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