A recent report has shed light on the total amount of Bitcoin assets held by Elon Musk’s companies, Tesla and SpaceX, as well as the profits they have generated thus far. Arkham Intelligence, an AI-based blockchain analytics platform, disclosed the Bitcoin holdings of both SpaceX and Tesla, two companies co-founded by Elon Musk. The report also detailed Tesla’s BTC transactions from 2021 to 2024, revealing that the automotive company purchased approximately $1.5 billion worth of BTC in January 2021. In the following quarters, Tesla conducted several transfers, selling off portions of its Bitcoin holdings valued at $272 million in the first quarter of 2021 and approximately $936 million in the second quarter of 2022. As per Arkham’s findings, Tesla currently holds a significant 11,510 BTC, which is valued at around $780 million. These assets are reportedly spread across 68 wallet addresses.
In addition to Tesla’s substantial Bitcoin holdings, SpaceX, a private space exploration and technology company, is reported to have approximately $8,290 BTC, worth roughly $560 million. These assets are distributed across 28 wallet addresses. The combined BTC holdings of Tesla and SpaceX position them alongside major financial institutions in terms of Bitcoin ownership. Tesla now ranks third among the largest Bitcoin holders, with MicroStrategy leading the list, possessing about 190,000 BTC valued at over $8 billion.
Despite the significant amount of BTC held by Musk’s companies, the CEO has exhibited a somewhat tumultuous relationship with Bitcoin. In early 2023, Bitcoin experienced a price drop below $25,000 following SpaceX’s decision to sell all its Bitcoin holdings. However, recent developments suggest that SpaceX may be rekindling its interest in BTC, evident through its growing Bitcoin portfolio. A member of the crypto community known as “Definalist” on X shared insights indicating that Tesla could be ramping up its involvement with Bitcoin. Referring to Arkham Intelligence’s report on Tesla’s BTC holdings, Definalist revealed Tesla’s acquisition of an additional 1,790 BTC. The report also highlighted that in 2023, Tesla’s BTC balance sheet showed holdings of about 9,720 BTC, which have since expanded to 11,510 BTC by 2024, signifying an undisclosed acquisition of an extra 1,790 BTC.
This significant purchase of Bitcoin by Tesla could be attributed to the growing interest in the cryptocurrency, fueled by recent bullish momentum and substantial price increases. At the time of writing, Bitcoin is trading at approximately $67,279, as per CoinMarketCap data. The cryptocurrency reached an all-time high of $69,200 on March 5 before retracing to its current price level. The increasing involvement of companies like Tesla and SpaceX in Bitcoin ownership could have a notable impact on the market and further drive interest in the cryptocurrency.
The revelation of the Bitcoin holdings of Elon Musk’s companies, Tesla and SpaceX, underscores the growing influence of corporate entities in the cryptocurrency market. Despite the fluctuations in Musk’s stance on Bitcoin, the substantial holdings of these companies indicate a promising future for digital assets. As Bitcoin continues to garner attention and investment from major players, its role in shaping the financial landscape is likely to expand. Investors and enthusiasts alike will be closely monitoring the actions of companies like Tesla and SpaceX to gauge the evolving landscape of cryptocurrency ownership and its impact on the broader market.
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