According to the latest data from Arkham, Elon Musk’s companies, Tesla and SpaceX, collectively possess over $1 billion worth of Bitcoin. The findings from Arkham’s on-chain analysis indicate that Bitcoin transactions and flows closely align with the balance sheets of both Tesla and SpaceX.
In January 2021, Tesla made headlines by purchasing $1.5 billion worth of BTC, a move that sparked significant interest and speculation in the cryptocurrency market. Just two months later, Tesla briefly allowed customers to purchase its products using Bitcoin. Since then, Tesla’s BTC holdings have continued to grow, with a significant portion of the current holdings appearing to be tied to a specific car sale.
Tesla has only divested its Bitcoin portfolio on two occasions, once in the first half of 2021 and again in 2022. Notably, in the second quarter of 2022, during the onset of a bear market when Bitcoin prices dipped below $40,000, Tesla sold a substantial portion of its BTC holdings, amounting to $936 million. Presently, Tesla retains approximately $772 million worth of BTC.
Similarly, SpaceX entered the Bitcoin market in 2021, acquiring a significant amount of the cryptocurrency. However, in 2022, the company sold its Bitcoin holdings for approximately $450 million. Despite the divestment, SpaceX still holds over $555 million in BTC.
With these holdings, Tesla and SpaceX rank as the third and fifth largest Bitcoin holders, respectively. However, when combined, Elon Musk’s ventures emerge as the second-largest BTC holders after MicroStrategy.
