In the most recent data released by Arkham, it has been revealed that Elon Musk’s companies, Tesla and SpaceX, boast a substantial Bitcoin portfolio valued at over $1 billion. Arkham’s on-chain analysis uncovered a striking correlation between Bitcoin transactions and the balance sheets of both Tesla and SpaceX.
The data indicates that Tesla initiated the acquisition of $1.5 billion in BTC in January 2021. A mere two months later, the automotive behemoth briefly opened its doors to Bitcoin transactions, a move that contributed to the subsequent growth of Tesla’s Bitcoin holdings. Notably, a significant portion of the current holdings appears linked to a specific car sale.
Tesla has selectively divested its Bitcoin holdings on two occasions – once in the first half of 2021 and another in 2022. During the second quarter of 2022, amid the onset of a bear market and Bitcoin’s decline below $40,000, the company sold a substantial portion of its BTC, amounting to $936 million. Presently, Tesla’s Bitcoin holdings stand at just over $772 million.
Similarly, SpaceX, Elon Musk’s aerospace company, entered the Bitcoin arena in 2021, eventually selling approximately $450 million worth of Bitcoin in 2022. As of now, SpaceX’s Bitcoin holdings surpass $555 million.
These revelations position Tesla and SpaceX as the third and fifth largest Bitcoin holders individually. However, when combined, Elon Musk’s ventures ascend to become the second-largest BTC holders, trailing only behind MicroStrategy. Despite recent market fluctuations, Bitcoin continues to exhibit bullish tendencies, achieving a valuation of $68,000 once again today after reaching its all-time high last week.
