Tesla and SpaceX’s Bitcoin holdings unveiled by Arkham Intelligence Tesla and SpaceX’s Bitcoin holdings unveiled by Arkham Intelligence
Tesla is currently the third-largest public corporate holder of Bitcoin.
2 min read
Updated: Mar. 7, 2024 at 3:42 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Arkham Intelligence has identified the on-chain Bitcoin addresses of Elon Musk‘s companies, Tesla and SpaceX.
In a Mar. 7 social media post on X (formerly Twitter), Arkham disclosed that Tesla possesses 11,510 BTC, valued at $780 million, spread across 68 addresses. Additionally, SpaceX holds 8,290 BTC, equivalent to $560 million, distributed across 28 addresses.
Arkham stated that the on-chain fund movements align with the financial declarations of both companies. It highlighted Tesla’s purchase of $1.5 billion worth of BTC in January 2021, along with two instances of BTC sales: $272 million in the first quarter of 2021 and $936 million in the second quarter of 2022.
“Tesla allowed purchases of Teslas in Bitcoin between March 24 and May 12 2021. Our Tesla Intel Exchange Bounty revealed a Tesla car purchase linked to this larger cluster of Tesla holdings,” the blockchain analytical firm added.
Over the past months, Arkham has pinpointed the on-chain addresses of various spot BTC exchange-traded funds (ETFs) operating within the United States. Before this, the firm successfully identified addresses linked to significant entities such as the Grayscale Bitcoin Trust (GBTC), MicroStrategy, and addresses associated with the popular crypto trading platform Robinhood.
Tesla’s BTC
Tesla entered the crypto space with its notable acquisition of $1.5 billion of Bitcoin in 2021. While the company has since divested some of these holdings, it still maintains a substantial stake.
According to data from Bitcoin Treasuries, Tesla presently possesses over 9,720 BTC. This places Tesla as the third-largest public holder of Bitcoin, trailing behind BTC development company MicroStrategy and BTC miner Marathon.
Interestingly, Tesla’s public disclosures have not yet indicated any alterations to its Bitcoin holdings. Even the latest earnings report, released in January, does not reference the cryptocurrency.
On a related note, the transparency of SpaceX’s Bitcoin holdings is somewhat obscured as the company is not publicly traded. However, reports suggest that SpaceX adjusted its Bitcoin holdings by $373 million between 2021 and 2022, which includes selling off a portion of the asset.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tesla
Tesla is a manufacturer of electric vehicles and a clean energy company led by billionaire Elon Musk.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Marathon Digital
Marathon Digital Holdings is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
MicroStrategy
MicroStrategy (Nasdaq: MSTR) is a worldwide leader in enterprise analytics and mobility software.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.