Arkham Intelligence, a cryptocurrencycurrency analyst, has shown that Elon Musk’s firms own considerable amounts of Bitcoin. On-chain data reveals Tesla owning about 11,510 BTC worth $780 million across 68 addresses. Additionally, SpaceX controls around 8,290 BTC worth $560 million in 28 separate addresses.
Arkham’s conclusions are consistent with the financial statements of both firms. According to the data, Tesla purchased $1.5 billion worth of Bitcoin in January 2021. It also displays Tesla’s two BTC sales events: $272 million in Q1 2021 and $936 million in Q2 2022.
Furthermore, Arkham discovered a Tesla automobile purchase tied to the company’s Bitcoin holdings. This is consistent with Tesla’s acceptance of BTC payments for vehicles between March 24 and May 12, 2021.
Tesla and SpaceX’s significant BTC holdings demonstrate Elon Musk’s confidence in the leading cryptocurrencycurrency. Tesla’s BTC investment in 2021 came after Musk expressed public interest in Bitcoin. While Musk later cited environmental concerns for suspending BTC payments for Tesla vehicles, his companies still have a considerable cryptocurrencycurrency exposure.
