According to on-chain intelligence platform Arkham, blockchain investigators claim to have uncovered the Bitcoin wallets of Elon Musk's companies.
According to on-chain intelligence platform Arkham, blockchain investigators claim to have uncovered the Bitcoin wallets of Elon Musk's companies, Tesla and SpaceX, revealing a combined holding exceeding $1 billion. According to their analysis, Tesla holds over $771 million worth of Bitcoin across its wallets, while SpaceX wallets contain approximately $555 million in BTC.
The report further delves into the companies' Bitcoin transaction history since early 2021. Notably, during the crypto crash of May 2022, both Tesla and SpaceX sold off a significant portion of their Bitcoin holdings as prices plummeted. While these sales resulted in a net loss for SpaceX, Tesla managed to break even.
However, SpaceX's Bitcoin position recovered by November 2023, coinciding with the current Bitcoin bull run. Since then, the price of Bitcoin has nearly doubled, propelling SpaceX to a current profit of $132 million on its BTC holdings, according to Arkham's estimates. Tesla, on the other hand, sits on a $455 million Bitcoin profit.
These findings, if accurate, suggest the extent of Tesla and SpaceX's Bitcoin investments were previously underestimated. Previously, analysts estimated Tesla's holdings to be around 9,720 BTC, while SpaceX's investment remained unknown. Arkham's analysis reveals Tesla holds a higher amount of 11,509 BTC
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