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.
[adinserter block="1"]“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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