Elon Musk’s companies, Tesla and SpaceX, have accumulated a staggering $1.3 billion in Bitcoin holdings, according to recent data from Arkham. The analysis indicates that both firms have heavily invested in the cryptocurrency, aligning with Tesla’s initial $1.5 billion BTC purchase in January 2021. Despite fluctuations in the market, Tesla’s BTC holdings have seen a significant increase, with over $772 million currently in possession. Similarly, SpaceX acquired Bitcoin in 2021, amassing a portfolio now valued at over $555 million.
The on-chain analysis conducted by Arkham highlights a strong correlation between Bitcoin transactions and the balance sheets of Tesla and SpaceX. Notably, Tesla briefly allowed Bitcoin payments for car purchases, contributing to the growth of its BTC holdings.
However, the company has only sold its BTC portfolio on two occasions, notably during the bear market’s onset in 2022. Despite these sales, Tesla’s commitment to cryptocurrency remains evident, with its current holdings reflecting a substantial investment.
SpaceX, Elon Musk’s aerospace venture, also entered the Bitcoin market in 2021, acquiring a significant amount of the digital asset. Although the company sold a portion of its holdings in 2022, it still maintains over $555 million in Bitcoin.
Collectively, Tesla and SpaceX’s Bitcoin reserves position them as major players in the crypto space, ranking as the third and fifth largest BTC holders, respectively.
The surge in Bitcoin’s value has further bolstered the financial position of Elon Musk’s ventures. With the cryptocurrency reclaiming the $68,000 mark, Elon Musk’s companies continue to hold substantial Bitcoin reserves.
Despite market fluctuations, the bullish trend in Bitcoin’s price reaffirms the decision of Tesla and SpaceX to invest in the digital currency.
