crypto-economy.com
TL;DR
- Tesla: 11,510 BTC ($780 million), SpaceX: 8,290 BTC ($560 million) according to Arkham.
- Tesla’s investments in Bitcoin exceed previous figures, pointing to a greater bet on cryptocurrencies.
- Although he supports Bitcoin, Elon Musk shows reservations towards cryptocurrencies in general, preferring Dogecoin.
In a surprising turn for the cryptocurrency industry, data from blockchain analytics platform Arkham has exposed the magnitude of Bitcoin (BTC) holdings by Elon Musk’s companies, Tesla and SpaceX.
According to Arkham reports, Tesla, the automotive giant headed by Musk, currently holds 11,510 BTC, valued at approximately $780 million, spread across 68 addresses.
The on-chain fund flows we’ve identified match financial statements from Tesla and SpaceX.
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 2022Tesla allowed purchases of Teslas in Bitcoin between March 24… pic.twitter.com/d7xLcyPmT6
— Arkham (@ArkhamIntel) March 7, 2024
On the other hand, SpaceX, the space exploration company also led by Musk, has its own Bitcoin treasure, with a total of 8,290 BTC, valued at around $560 million and dispersed in 28 addresses.
These findings contradict Tesla’s previous statements in its Q4 report, where it claimed to have 9,720 BTC.
Arkham Suggests Tesla’s Bitcoin Investments Have Exceeded Reported Figure
Analysis has indicated a potentially larger bet on the cryptocurrency than initially revealed.
Tesla‘s foray into the world of Bitcoin dates back to February 2021, when the company made waves by investing a substantial sum of $1.5 billion into the cryptocurrency, thereby driving Bitcoin’s value to new highs.
Arkham also noted that Tesla sold some of its Bitcoin holdings, shedding $272 million in BTC in the first quarter of 2021 and $936 million in the second quarter of 2022.
Interestingly, an investigation by Arkham revealed a Tesla car purchase linked to the company’s largest pool of Bitcoin holdings, further validating the platform’s findings.
Despite Musk’s support for Bitcoin, he has expressed some reluctance toward cryptocurrencies in general.
Although he has expressed little interest in the impact of cryptocurrencies on the monetary system, Musk has shown great interest in understanding the nature of money itself.
Additionally, it is important to note that Musk has also endorsed Dogecoin on several occasions, referring to it as “the people’s money” and promoting it through social media.
The Arkham revelations provide fascinating insight into Tesla and SpaceX’s investments in Bitcoin, while Musk’s stance towards cryptocurrencies remains a topic of interest and debate in the financial and technology community.