Elon Musk’s Companies Own $1.3 Billion in Bitcoin, According to Wallets for Tesla and SpaceX
An Arkham Intelligence analysis states that the combined value of the two Elon Musk-owned businesses’ Bitcoin holdings is around $1.3 billion.
On-chain sleuths claim to have found wallets storing the Bitcoin holdings of Elon Musk’s companies, SpaceX and Tesla. Together, these companies own well over a billion dollars’ worth of the most valuable cryptocurrency in the world.
Arkham Intelligence detailed the finding of more than $771 million in Bitcoin stored in Tesla wallets in a study that was released on Thursday. In contrast, wallets connected to SpaceX had around $555 million in Bitcoin.
Additionally, a thorough history of the businesses’ Bitcoin transactions dating back to early 2021 is provided by Arkham’s investigation.
For instance, both Tesla and SpaceX sold off hundreds of millions of dollars’ worth of Bitcoin when the last crypto winter started in May 2022 and the price of cryptocurrencies started to plummet. SpaceX lost money on those sales, while Tesla barely broke even.
BREAKING: TESLA & SPACEX ARE NOW ON ARKHAM
— Arkham (@ArkhamIntel) March 7, 2024
Arkham has identified the BTC holdings of Tesla and SpaceX. We are the first to publicly identify these holdings on chain.
We believe Tesla currently holds 11.51K BTC ($780M) across 68 addresses, and SpaceX holds 8.29K BTC ($560M)… pic.twitter.com/vwoEJ0h0dS
It wasn’t until November of this year, when the currency started its current bull run, that SpaceX’s position in Bitcoin became positive again. The price of Bitcoin has almost doubled since November, rising from around $35,000 to $67,820 as of this writing.
As of the moment, SpaceX is profitable at $132 million BTC, according to Arkham. Tesla had a $455 million profit.
Although it was previously known that each of Musk’s businesses have substantial Bitcoin holdings, the size of their assets had been underestimated—that is, if Arkham’s results were accurate.
For example, researchers at Bitcoin Treasuries estimated in January that Tesla had around 9,720 BTC. The actual amount, according to Arkham’s experts, is 11,509 BTC. Musk has acknowledged in the past that SpaceX had some Bitcoin, but it was unclear how much the spaceship maker had invested in the cryptocurrency.
The entrepreneur has a long and rocky history of trying to make his enterprises work with cryptocurrencies like Bitcoin. Tesla started accepting Bitcoin payments for new vehicle sales in March 2021. Less than two months later, Musk permanently ended the initiative, citing environmental worries about the effect of Bitcoin mining.
