On-chain data analytics platform Arkham Intelligence has recently unveiled the combined Bitcoin holdings of Elon Musk’s companies, Tesla and SpaceX, amidst a notable uptick in Bitcoin’s price following the recent 50 basis points rate cut by the U.S. Federal Reserve.
Tesla and SpaceX Bitcoin Holdings
According to Arkham, Tesla and SpaceX collectively hold approximately $1.30 billion in Bitcoin, translating to around 19,788 BTC at the current market price. This figure reflects a significant increase from previous estimates, with Tesla’s holdings reported at $780 million in March alone. The breakdown of their holdings is as follows:
Tesla: Approximately $740 million in Bitcoin.
SpaceX: About $560 million in Bitcoin.
Tesla’s journey into Bitcoin began in February 2021, when the company purchased $1.5 billion worth of the cryptocurrency. The move was aimed at diversifying its assets and maximizing returns on its cash reserves. The company also announced plans to accept Bitcoin payments for its products, contingent on regulatory considerations.
Elon Musk has also confirmed SpaceX’s Bitcoin ownership during “The B Word” online conference in 2021, stating, “I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin.”
Current Bitcoin Market Landscape
Bitcoin recently hit an intraday high of $66,439, as reported by CoinGecko, although it has since experienced some fluctuations. Currently, Bitcoin is stabilizing around the $65,000 mark, with a current price of $65,765, reflecting a 0.36% increase over the past day and a 4.4% rise over the past week.
Despite a 33% decline in 24-hour trading volume, positive sentiment prevails in the market. Bitcoin is on track to achieve its best September performance despite prior expectations of a downturn.
Summary
The significant Bitcoin holdings of Tesla and SpaceX illustrate Elon Musk’s bullish outlook on the leading digital asset, aligning with the growing momentum in the Bitcoin market. As the cryptocurrency approaches the end of September, investors remain optimistic about its performance and potential for further gains in the coming months.
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