A new report has revealed Elon Musk’s total Bitcoin assets Tesla And SpaceX companies and how much profit they have made so far.
Tesla and SpaceX Bitcoin Companies Revealed
On Thursday, March 7, Arkham Intelligence, an AI-based blockchain analytics platform, revealed the Bitcoin holdings of SpaceX and Tesla, two companies co-founded by the owner of X (formerly Twitter), Elon Musk. The comprehensive report also outlined Tesla’s BTC transactions between 2021 and 2024.
According to Arkham, this was the case with Tesla purchased approximately $1.5 billion worth of BTC in January 2021. Subsequently, the car company initiated multiple transfers and opted to sell its Bitcoin holdings worth $272 million in the first quarter of 2021 and approximately $936 million in the second quarter of 2022.
Arkham has claimed that the car company currently owns a whopping 11,510 BTC, worth $780 million. Further, Tesla’s Substantial Bitcoin Holdings are reportedly spread across 68 wallet addresses.
On the other hand, SpaceX, a private space exploration and technology company, currently owns approximately $8,290 BTC worth approximately $560 million. These assets are reportedly distributed across a total of 28 wallet addresses.
The combined BTC shares of these two companies puts them in a league similar to the BTC holdings of major financial institutions. Tesla has secured third position one of the largest Bitcoin holders, with MicroStrategy at the top of the list, which owns approximately 190,000 BTC worth over $8 billion.
Despite the significant amount BTC owned by Musk’s companies, the CEO has seemingly had a love-hate relationship with Bitcoin. Earlier in 2023, Bitcoin crashed below $25,000 after Musk’s SpaceX sold all its Bitcoin holdings. However, it seems that the space company is showing more interest in BTC, as evidenced by its huge Bitcoin portfolio.
Tesla may buy more BTC
A member of the crypto community, identified as “Definalist” on shared insightsimagine that Tesla could increase its involvement in Bitcoin. Referring to Arkham Intelligence’s report on Tesla’s BTC holdings, Definalist announced that Tesla had acquired another 1,790 BTC.
Definalist revealed that Tesla’s BTC balance was approximately 9,720 BTC in 2023. Fast forward to 2024, the car company’s portfolio has expanded to 11,510 BTC, revealing an unreported acquisition of another 1,790 BTC.
This significant Bitcoin purchase can be attributed to the growing enthusiasm for the cryptocurrency driven by its popularity recent bullish momentum and huge price increases. At the time of writing, Bitcoin is trading at a price of $67,279, according to CoinMarketCap. The cryptocurrency before rose to an all-time high of $69,200 on March 5, after which it returned to current price levels.
BTC price recovers above $67,000 | Source: BTCUSD on Tradingview.com
Featured image from MEXC Blog, chart from Tradingview.com
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