Tesla and SpaceX Surpass $1.3 Billion in Bitcoin Holdings

Elon Musk’s companies, Tesla and SpaceX, have made a significant move in the cryptocurrency market by acquiring more than $1 billion in Bitcoin, according to latest data. This information comes from an on-chain analysis done by Arkham that aligns with the balance sheets of both companies, indicating a strategic investment in the digital currency.

Tesla stepped into the Bitcoin arena with a first purchase of $1.5 billion in January 2021. This bold step was shortly followed by an innovative move to accept Bitcoin as payment for its cars, although this option was available only for brief period. Despite selling portions of its Bitcoin holdings twice—once in early 2021 and again in the second quarter of 2022—Tesla has seen its Bitcoin investment grow. The sale in 2022, amounting to $936 million, occurred as Bitcoin’s value began to decline, dropping below $40,000. Currently, Tesla’s investment in Bitcoin stands at over $772 million.

SpaceX, another Musk-led venture, also ventured into Bitcoin in 2021, later selling about $450 million worth of Bitcoin in 2022. Despite this sale, SpaceX’s Bitcoin holdings remain substantial, valued at over $555 million. (It was previously reported they had dropped all their holdings in 2023.)

The combined Bitcoin assets of Tesla and SpaceX position Elon Musk’s ventures as some of the biggest corporate players in the cryptocurrency space, trailing only behind MicroStrategy when combined. MicroStrategy this week announced to raise $600 million to be used to buy more of the flagship cryptocurrency.