New data reveals that two companies owned by billionaire Elon Musk hold over $1.3 billion worth of Bitcoin (BTC) across multiple addresses.
According to blockchain analytics firm Arkham Intelligence, Tesla and SpaceX currently hold $1.34 billion worth of the top crypto asset by market cap across 96 combined wallet addresses.
“Arkham has identified the BTC holdings of Tesla and SpaceX. We are the first to publicly identify these holdings on-chain. We believe Tesla currently holds 11,510 BTC ($780 million) across 68 addresses, and SpaceX holds 8,290 BTC ($560 million) across 28 addresses.”
Arkham further fleshes out the companies’ holdings of the top crypto asset by market cap, pointing to the electric car firm’s purchase of $1.5 billion worth of Bitcoin in 2021 and its period of accepting the crypto king as payment for its vehicles.
“The on-chain fund flows we’ve identified match financial statements from Tesla and SpaceX. Tesla purchased $1.5 billion of BTC in Jan 2021, and sold BTC on two occasions: Sold $272 million BTC in Q1 2021.
Sold $936 million BTC in Q2 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.”
In 2021, Musk – who currently serves as the chief executive of both Tesla and SpaceX – acknowledged that he and both firms hold Bitcoin on their balance sheets for the long run.
Bitcoin is trading for $67,897 at time of writing, a 1.47% increase during the last 24 hours.
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