Elon Musk’s companies, Tesla and SpaceX, have been making waves in the cryptocurrency world with their substantial Bitcoin holdings. According to a recent report by Arkham Intelligence, Tesla purchased $1.5 billion worth of BTC in January 2021. Since then, the automotive company has made multiple transactions, selling off portions of its Bitcoin holdings.
Arkham Intelligence’s report revealed that Tesla sold $272 million worth of Bitcoin in the first quarter of 2021 and $936 million in the second quarter of 2022. Despite these sales, Tesla still holds a significant amount of Bitcoin, with 11,510 BTC valued at $780 million spread across 68 wallet addresses.
On the other hand, SpaceX, Elon Musk’s private space exploration and technology company, currently holds about $8,290 BTC worth approximately $560 million. These assets are distributed across 28 wallet addresses.
The combined Bitcoin holdings of Tesla and SpaceX place them among the largest Bitcoin holders, comparable to major financial institutions. Tesla ranks third on the list, with MicroStrategy leading the pack with over 190,000 BTC worth $8 billion.
Despite the significant Bitcoin holdings of his companies, Elon Musk has had a love-hate relationship with the cryptocurrency. In 2023, Bitcoin crashed after SpaceX sold all its Bitcoin holdings. However, recent reports suggest that both Tesla and SpaceX are increasing their involvement with Bitcoin.
Future of Bitcoin Investments
A crypto community member, known as “Definalist,” has shared insights indicating that Tesla may be acquiring more Bitcoin. With Tesla’s reported acquisition of an additional 1,790 BTC in 2024, it is clear that the company is bullish on the cryptocurrency. This purchase reflects the growing enthusiasm for Bitcoin driven by recent price increases.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at $67,279, with an all-time high of $69,200 in March. The cryptocurrency market has been volatile, but Tesla and SpaceX’s strategic Bitcoin investments seem to be paying off.
Elon Musk’s companies, Tesla and SpaceX, have made significant strides in the world of cryptocurrency with their substantial Bitcoin holdings. Despite the CEO’s mixed feelings towards Bitcoin, it is clear that both companies are committed to exploring the opportunities presented by digital assets. As the crypto market continues to evolve, it will be interesting to see how Tesla and SpaceX’s Bitcoin investments shape the future of cryptocurrency adoption.