Elon Musk’s Tesla and SpaceX Hold 11,510 Bitcoins Worth $1.34B, claims Arkham
In Brief
Arkham revealed Bitcoin addresses associated with Elon Musk’s Tesla and SpaceX and claims that the companies hold 11,510 BTC worth $1.34B.
Encryption data analysis platform Arkham publicly disclosed that it had identified the Bitcoin addresses associated with automotive and clean energy company Tesla and aerospace company SpaceX on the blockchain.
Arkham claims that Tesla presently possesses 11,510 Bitcoins (BTC) spread across 68 addresses, valued at around $780 million. Additionally, SpaceX holds 8,290 Bitcoins distributed across 28 addresses, amounting to approximately $560 million.
The on-chain fund flows the company has identified align with the financial statements of Tesla and SpaceX. Arkham’s data reveals that Tesla bought $1.5 billion worth of BTC in January 2021 and conducted two BTC sales: $272 million in Q1 2021 and $936 million in Q2 2022. Notably, Tesla accepted Bitcoin as payment for vehicles during the period from March 24 to May 12, 2021.
Furthermore, Arkham’s Tesla Intel Exchange Bounty uncovered a Tesla car purchase associated with the broader cluster of Tesla holdings.
However, in January of this year, Tesla’s financial report for the fourth quarter of 2023 indicated that the company held a total of 9,720 Bitcoins, maintaining the same position for six consecutive quarters. The holdings were valued at $387 million.
Elon Musk’s Bitcoin Journey
Elon Musk, the CEO of both companies, has had a fluctuating relationship with Bitcoin. In 2021, he initially expressed optimism about the digital asset, revealing intentions for Tesla to hold its own Bitcoin using on-chain wallets. However, shortly thereafter, Elon Musk abandoned plans to accept BTC for Tesla cars, citing environmental concerns related to Bitcoin mining.
In addition to Tesla, Elon Musk’s other company, SpaceX, also includes Bitcoin in its balance sheet. This decision came after Michael Saylor, co-founder and executive chairman of business intelligence company MicroStrategy, persuaded Elon Musk to incorporate Bitcoin into his company’s financial holdings. MicroStrategy holds 193,000 BTC, being one of the largest institutional holders of Bitcoin globally. Meanwhile, Tesla holds the third-largest public share of the asset, following MicroStrategy and cryptocurrency mining company Marathon Digital.
Arkham’s publicly disclosed data analysis reveals the Bitcoin holdings of Tesla and SpaceX, highlighting a nuanced interplay between on-chain data, financial statements, and the evolving narrative of Elon Musk’s engagement with the cryptocurrency.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
