New data shows that two companies owned by billionaire Elon Musk own more than $1.3 billion worth of Bitcoin (BTC) at multiple addresses.
According to blockchain analytics firm Arkham Intelligence, Tesla and SpaceX currently delay $1.34 billion worth of cryptocurrency, by market cap, across 96 combined wallet addresses.
“Arkham has identified Tesla and SpaceX’s BTC holdings. We are the first to publicly identify these holdings in the chain. We believe Tesla currently owns 11,510 BTC ($780 million) at 68 addresses, and SpaceX 8,290 BTC ($560 million) at 28 addresses.”
Arkham further details the companies’ holdings in the top crypto assets by market capitalization, pointing to the electric car company’s figures purchase of $1.5 billion worth of Bitcoin in 2021 and the period when the crypto king was accepted as payment for its vehicles.
“The on-chain fund flows we identified are consistent with the financial statements of Tesla and SpaceX. Tesla bought $1.5 billion worth of BTC in January 2021 and sold BTC twice: sold $272 million BTC in the first quarter of 2021.
Sold $936 million BTC in Q2 2022. Tesla allowed the purchase of Teslas in Bitcoin between March 24 and May 12, 2021. Our Tesla Intel Exchange Bounty revealed a Tesla car purchase tied to this larger cluster of Tesla -possess.”
In 2021, Musk – who is currently CEO of both Tesla and SpaceX – acknowledged that he and both companies are holding Bitcoin on their balance sheets for the long term.
Bitcoin is trading at $67,897 at the time of writing, up 1.47% over the past 24 hours.
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