A recent report has shed light on the total Bitcoin assets held by the companies of tech magnate Elon Musk – Tesla and SpaceX – as well as the profits they have garnered from their investments. The report, published by Arkham Intelligence, an AI-based blockchain analytics platform, delves into the Bitcoin holdings and transactions of these two pioneering companies.
According to Arkham Intelligence, Tesla made a significant purchase of approximately $1.5 billion worth of BTC in January 2021. Since then, the automotive giant has engaged in several transactions, selling off portions of its Bitcoin holdings. The report reveals that Tesla currently holds a total of 11,510 BTC, valued at approximately $780 million, spread across 68 wallet addresses.
On the other hand, SpaceX, Musk’s private space exploration company, has accumulated around $8,290 BTC, worth roughly $560 million. These assets are distributed across 28 wallet addresses. Together, the Bitcoin holdings of Tesla and SpaceX position them alongside major financial institutions in terms of BTC ownership.
Tesla ranks as the third-largest Bitcoin holder, following MicroStrategy, which boasts around 190,000 BTC worth over $8 billion. Despite the substantial amount of BTC held by Musk’s companies, there has been a fluctuating relationship between the CEO and Bitcoin. Notably, Bitcoin experienced a downturn in value following SpaceX’s sale of its Bitcoin holdings, dropping below $25,000 in 2023.
However, recent developments suggest that Tesla may be rekindling its interest in Bitcoin. Reports indicate that Tesla has acquired an additional 1,790 BTC, expanding its BTC portfolio from 9,720 BTC in 2023 to 11,510 BTC in 2024. This move aligns with the growing enthusiasm for cryptocurrency, driven by its bullish momentum and significant price surges.
As of the time of this report, Bitcoin is trading at approximately $67,279, with a peak price of $69,200 reached on March 5. Despite retracements, the cryptocurrency market remains dynamic and volatile, showcasing both the potential for substantial gains and the risk of significant losses.
Elon Musk’s companies, Tesla and SpaceX, are significant players in the Bitcoin market, with substantial investments and holdings in the cryptocurrency. The evolving relationship between Musk, his companies, and Bitcoin underscores the rapidly changing nature of the digital asset landscape. As with any investment, caution and thorough research are advised before making financial decisions in this rapidly evolving space.
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