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Crypto wallets linked to Tesla and SpaceX are holding around $1.3 Billion worth of Bitcoin according to Arkham.
Bitcoin (BTC) addresses connected to Tesla and SpaceX hold around $1.3 Billion worth of BTC, as per Arkham Intelligence data. On March 7, the on-chain blockchain analytics platform analyzed the BTC holdings of Elon Musk’s two firms and found the data matched with financial statements. As per the analysis, Tesla holds around 11.51K BTC ($780 Million) whereas SpaceX holds 8.29K BTC ($560 Million).
Tesla and SpaceX’s Bitcoin holdings
Elon Musk invests heavily in innovations, technologies, and cryptocurrencies so, why not his companies?
On March 7, Arkham, the on-chain analytics platform identified the BTC holdings of Musk’s two main companies. As per the data, Tesla holds over 11.51K BTC across 68 addresses whereas SpaceX holds over 8.29K BTC across 28 addresses.
Arkham took the X platform to post the same as the platform was the first to publicly specify the holdings on the chain.
Surprisingly, the on-chain fund flows matched the financial statements from both firms. Reportedly, Tesla bought around $1.5 Billion of BTC in January 2021 and sold the digital assets in different quarters.
Over $272 Million BTC in Q1 2021 and approximately $936 Million BTC in Q2 2022. Furthermore, Tesla permitted purchases of Tesla cars in BTC between March 24 and May 12, 2021.
During the crypto winter of May 2022, both firms sold most of their BTC holdings as prices plummeted, resulting in a net loss for SpaceX. Nevertheless, SpaceX recovered from the loss in November 2023, when the price of the BTC doubled.
The scenario resulted in a profit of $132 Million on Bitcoin holdings of SpaceX whereas the profit of Tesla reached $455 Million. At the time of the press release, Tesla holds the third position as a BTC holder among public organizations and has approximately 10K BTC.
Musk also commented on SpaceX’s BTC ownership as well as his crypto holdings.
“SpaceX is playing a major role in this, but not revealing the company’s accurate digital asset holdings”, Stated Musk.
“I still own a few of the Dogecoin and SpaceX owns a bunch of BTC”, Musk added.
Moreover, Musk recently rebranded “OpenAI” to “ClosedAI”, and accused the platform of breaching the firm’s foundational agreements. Musk and OpenAI in 2015, signed a contract to create an open-source, non-profit company for the usefulness of humanity, using Artificial Intelligence.
OpenAI’s partnership with Microsoft has allegedly breached the agreement, as OpenAI engaged in activities to maximize profits.
Bitcoin price- highlights
According to CoinMarketCap, BTC, the crypto king was trading at $67,526.17 after a 1.23% surge in the past 24 hours. The digital asset has a market cap of $1,327,157,807,493 with a 24-hour volume of $41,289,892,264.
Last week, BTC marked a new all-time high at $69,170.63 on March 05, 2024. BTC’s all-time low was recorded at $0.04865 on July 15, 2010.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
