crypto.news
According to the latest Arkham data, Elon Musk’s ventures, Tesla and SpaceX, hold over $1 billion worth of Bitcoin.
Arkham’s on-chain analysis found that Bitcoin transactions and flows were identical to SpaceX and Tesla’s balance sheets. The data shows that Tesla purchased $1.5 billion of $BTC in January 2021.
Just two months after that, the automobile giants briefly allowed the purchase of Tesla in Bitcoin. Tesla’s $BTC holdings have increased since then, as a large cluster of the current holdings seems related to a particular car sale.
The on-chain fund flows we’ve identified match financial statements from Tesla and SpaceX.
— Arkham (@ArkhamIntel) March 7, 2024
Tesla purchased $1.5B of $BTC in Jan 2021, and sold $BTC on 2 occasions:
Sold $272M $BTC in Q1 2021
Sold $936M $BTC in Q2 2022
Tesla allowed purchases of Teslas in Bitcoin between March 24… pic.twitter.com/d7xLcyPmT6
Tesla only sold its $BTC portfolio on two occasions, one in the first half of 2021 and another in 2022. The company sold a large chunk of $BTC worth $936 million in the second quarter of 2022, at the beginning of the bear market, when Bitcoin began dipping below $40,000. Tesla currently holds just over $772 million in $BTC.
SpaceX also acquired Bitcoin in 2021 and sold it for around $450 million in 2022. The company currently holds over $555 million in $BTC.
The figures would make Tesla and SpaceX the third and fifth largest Bitcoin holders. However, cumulatively, this makes Elon Musk’s ventures the second largest $BTC holders after MicroStrategy. The largest cryptocurrency remains bullish, reaching $68,000 again today after hitting its all-time high last week.