Elon Musk-Owned Companies Tesla and SpaceX Hold Over $1.3 Billion in Bitcoin
On-chain investigators have reportedly discovered wallets that contain the Bitcoin holdings of Tesla and SpaceX, two companies owned by Elon Musk. These wallets collectively hold more than $1.3 billion worth of Bitcoin, making them significant players in the crypto market.
The Discovery of Bitcoin Holdings
A report published by Arkham Intelligence revealed that Tesla holds over $771 million worth of BTC in its wallets. On the other hand, SpaceXโs wallets contain around $555 million in BTC. The analysis conducted by Arkham also includes a detailed history of both companiesโ Bitcoin transactions dating back to early 2021.
Past Transactions and Performance
During the crypto winter in May 2022, when the price of Bitcoin and other cryptocurrencies plummeted, both Tesla and SpaceX sold off hundreds of millions of dollarsโ worth of BTC. This resulted in a net loss for SpaceX, while Tesla managed to break even.
SpaceXโs Profitable Position
SpaceXโs Bitcoin position remained in the red until November, coinciding with the current bull run of the coin. Since then, the price of BTC has nearly doubled from around $35,000 to $67,820 at the time of writing. According to Arkhamโs analysis, SpaceX now enjoys a profit of $132 million from its Bitcoin holdings. Tesla, on the other hand, is sitting at a profit of $455 million.
Underestimated Holdings
While it was previously known that both companies owned a significant amount of Bitcoin, Arkhamโs findings reveal that the extent of their holdings had been underestimated. In January, analysts estimated that Tesla held around 9,720 BTC, but Arkhamโs analysis shows that the actual figure is 11,509 BTC. Additionally, the size of SpaceXโs Bitcoin investment was previously unknown.
Muskโs Integration of Cryptocurrencies
Elon Musk has been known for his attempts to integrate cryptocurrencies, particularly Bitcoin, into the operations of his companies. In March 2021, Tesla started accepting Bitcoin as a method of payment for new car purchases. However, the program was discontinued less than two months later due to concerns about the environmental impact of Bitcoin mining.
Hot Take: Elon Muskโs Influence in the Crypto Market
Elon Muskโs ownership of Tesla and SpaceX gives him significant influence in the crypto market. The discovery of their substantial Bitcoin holdings further solidifies Muskโs position as a key player in the industry. Here are some key takeaways:
- The wallets of Tesla and SpaceX collectively hold over $1.3 billion worth of Bitcoin.
- SpaceXโs profitable position in Bitcoin is a result of the recent bull run.
- The extent of both companiesโ Bitcoin holdings had been underestimated prior to Arkhamโs analysis.
- Muskโs attempts to integrate cryptocurrencies into his companies have been met with mixed results.
Overall, Elon Muskโs involvement in the crypto market continues to be a topic of interest and speculation. His influence, both through his companies and his public statements on social media, can significantly impact cryptocurrency prices and trends. As Musk remains an influential figure in the industry, it will be interesting to see how his actions and decisions shape the future of cryptocurrencies.
Demian Crypter emerges as a true luminary in the cosmos of crypto analysis, research, and editorial prowess. With the precision of a watchmaker, Demian navigates the intricate mechanics of digital currencies, resonating harmoniously with curious minds across the spectrum. His innate ability to decode the most complex enigmas within the crypto tapestry seamlessly intertwines with his editorial artistry, transforming complexity into an eloquent symphony of understanding.