Elon Musk’s love for Bitcoin is no secret, and a new report sheds light on just how deep his company’s investments in the cryptocurrency run. According to blockchain analytics firm Arkham Intelligence, Musk’s Tesla and SpaceX collectively hold a staggering $1.3 billion worth of Bitcoin.
The report found that Tesla’s wallets contain around $771 million in BTC, while SpaceX holds approximately $555 million worth of digital assets. These holdings are significantly larger than previously estimated, highlighting Musk’s conviction in Bitcoin’s potential despite its volatility.
Arkham’s analysis also provided insights into the companies’ Bitcoin trading activities since early 2021. During the crypto market downturn in May 2022, both Tesla and SpaceX sold off massive amounts of their BTC holdings as prices plunged, with SpaceX incurring a net loss while Tesla managed to break even. However, since Bitcoin’s ongoing bull run began in November 2022, SpaceX’s position has recovered to a $132 million profit, while Tesla is now $455 million in the black.
While Musk’s attempts to integrate Bitcoin into his companies’ operations have had mixed results, such as Tesla’s short-lived acceptance of BTC for vehicle purchases, the billionaire’s belief in digital assets remains unwavering. The substantial Bitcoin holdings of his firms, even after accounting for past losses, underscores his commitment to the cryptocurrency’s long-term prospects.
