Elon Musk’s Tesla and SpaceX possess over $1.3 billion worth of Bitcoin.
Elon Musk’s companies, Tesla and SpaceX, have accumulated more than $1 billion worth of Bitcoin, according to the latest data from Arkham. The on-chain analysis conducted by Arkham reveals that the transactions and flows of Bitcoin are in line with the balance sheets of both Tesla and SpaceX. In January 2021, Tesla purchased $1.5 billion of BTC, and shortly after, the company briefly allowed customers to purchase Tesla vehicles using Bitcoin. Since then, Tesla’s Bitcoin holdings have grown, with a significant portion of the current holdings believed to be related to a specific car sale.
Tesla has only sold its BTC portfolio twice, once in the first half of 2021 and again in 2022. During the second quarter of 2022, at the beginning of the bear market when Bitcoin’s value dropped below $40,000, Tesla sold a substantial amount of BTC worth $936 million. Currently, Tesla holds just over $772 million in Bitcoin.
Similarly, SpaceX acquired Bitcoin in 2021 and sold it for approximately $450 million in 2022. The company now holds over $555 million in BTC. These numbers position Tesla and SpaceX as the third and fifth largest Bitcoin holders, respectively. However, when combined, Elon Musk’s ventures become the second largest holders of BTC after MicroStrategy. Despite recent fluctuations, the largest cryptocurrency remains bullish, reaching $68,000 again today after hitting its all-time high last week.
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