• On-chain analysis firm Arkham Intelligence discovered that Tesla and SpaceX hold a combined $1.3 billion in Bitcoin, significantly higher than previous estimates.
• Despite past sales during a market downturn, both companies are now sitting on substantial profits due to Bitcoin’s recent price surge.

For months, the true extent of Elon Musk’s companies’ Bitcoin holdings remained shrouded in mystery. Now, thanks to the efforts of on-chain analysis firm Arkham Intelligence, the veil has been lifted, revealing a combined crypto stash exceeding $1.3 billion.

Unveiling the Tesla and SpaceX Bitcoin Treasuries

In a recent report, Arkham Intelligence detailed its discovery of over $771 million worth of Bitcoin linked to Tesla wallets. Additionally, wallets connected to SpaceX were found to hold roughly $555 million in BTC. This analysis goes beyond just the current holdings, providing a comprehensive transaction history dating back to early 2021.

The report sheds light on the companies’ trading activity during the last major crypto crash in May 2022. As Bitcoin’s price plummeted, both Tesla and SpaceX offloaded significant portions of their holdings, incurring losses for SpaceX. Tesla, however, managed to break even on its Bitcoin sales.

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However, the story doesn’t end there. Since November 2023, with Bitcoin embarking on a bullish run that nearly doubled its price, SpaceX’s Bitcoin position has recovered significantly. According to Arkham, SpaceX is now sitting on a healthy $132 million BTC profit. Tesla’s position also boasts a substantial profit of $455 million.

Redefining Expectations: A Larger-Than-Life Bitcoin Stash

While it was known that Tesla and SpaceX held Bitcoin, the actual size of their holdings had been underestimated. Arkham’s analysis reveals a much larger picture than previously thought. For instance, prior estimates by Bitcoin Treasuries placed Tesla’s holdings at around 9,720 BTC. The new data suggests the actual figure is closer to 11,509 BTC. Additionally, the extent of SpaceX’s Bitcoin investment was entirely unknown until now.

Elon Musk’s relationship with Bitcoin has been a rollercoaster ride. In March 2021, Tesla embraced Bitcoin, briefly accepting it as payment for vehicles. However, environmental concerns surrounding Bitcoin mining led to the program’s swift cancellation just two months later.

The revelation of these sizeable Bitcoin holdings adds another chapter to Musk’s ever-evolving relationship with cryptocurrency. While his companies have seemingly weathered the market’s volatility, the future of Bitcoin integration within his ventures remains an open question.