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Reports from on-chain analysts reveal that wallets associated with Elon Musk-owned companies Tesla and SpaceX hold well over a billion dollars in Bitcoin. Arkham Intelligence detailed findings of over $771 million BTC in Tesla’s wallets and approximately $555 million BTC in SpaceX’s wallets. The analysis also traces the transaction history of both firms, highlighting significant sales during the onset of the 2022 crypto winter.
During the market downturn in May 2022, both Tesla and SpaceX sold off substantial amounts of BTC, incurring losses for SpaceX but leaving Tesla nearly breaking even. However, SpaceX returned to profit in November, coinciding with Bitcoin’s current bull run, with Arkham estimating profits of $132 million for SpaceX and $455 million for Tesla. These findings shed light on the extent of Musk-owned companies’ Bitcoin holdings, which had been previously underestimated.
While Musk’s interest in cryptocurrencies is well-known, including Tesla’s brief acceptance of Bitcoin payments for car purchases in 2021, the magnitude of SpaceX’s Bitcoin investment had remained undisclosed. Despite fluctuations and controversies surrounding Musk’s crypto endeavors, the revelation of substantial Bitcoin holdings underscores the tech mogul’s ongoing involvement and influence in the cryptocurrency market.
