In a recent report by Arkham Intelligence, it was unveiled that Elon Musk’s companies, Tesla and SpaceX, have significant holdings in Bitcoin. Through blockchain analytics, the report detailed the Bitcoin assets held by both companies and the profits they have accrued. Tesla, for instance, made a substantial purchase of $1.5 billion worth of BTC in January 2021. Since then, the company has engaged in multiple transactions, selling off portions of its Bitcoin holdings. As of now, Tesla reportedly possesses 11,510 BTC valued at $780 million, spread across 68 wallet addresses.
On the other hand, SpaceX, Musk’s private space exploration and technology company, holds around $8,290 BTC, amounting to approximately $560 million. These assets are distributed across 28 wallet addresses. The combined Bitcoin holdings of Tesla and SpaceX position them in a league comparable to major financial institutions.
Despite the significant holdings of Bitcoin by Musk’s companies, the CEO has had a turbulent relationship with the cryptocurrency. In a notable event, Bitcoin experienced a crash below $25,000 after SpaceX sold all its Bitcoin holdings. However, recent reports suggest that Tesla might be increasing its involvement in Bitcoin. A community member known as “Definalist” shared insights from Arkham Intelligence’s report, revealing Tesla’s acquisition of an additional 1,790 BTC. This expansion in Tesla’s BTC portfolio indicates a growing interest in Bitcoin within the company.
Driven by recent bullish momentum and substantial price increases, the enthusiasm for Bitcoin continues to grow. At the time of writing, Bitcoin is trading at $67,279, with a recent all-time high of $69,200. The cryptocurrency market remains volatile, with price fluctuations influencing investment decisions.
Elon Musk’s companies, Tesla and SpaceX, have amassed significant Bitcoin holdings, positioning them among the top Bitcoin holders globally. Despite Musk’s fluctuating relationship with Bitcoin, recent reports indicate a renewed interest in the cryptocurrency within Tesla. As the Bitcoin market landscape evolves, investors are advised to conduct thorough research and approach investments cautiously.