Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Here's How Much Bitcoin (BTC) Elon Musk's Tesla and SpaceX Currently HODLs

Published 2024-09-28, 09:00 a/m
© Reuters.  Here\'s How Much Bitcoin (BTC) Elon Musk\'s Tesla and SpaceX Currently HODLs
TSLA
-
BTC/USD
-

U.Today - On-chain data analytics platform Arkham Intelligence recently disclosed the combined Bitcoin holdings owned by Elon Musk’s firms, Tesla (NASDAQ:TSLA) and SpaceX. The disclosure comes amid rising momentum in the price of Bitcoin (BTC) following the 50 basis points rate cut implemented by the U.S. Federal Reserve earlier this month.

Elon Musk's Tesla and SpaceX Bitcoin holdings

According to Arkham, Tesla and SpaceX currently possess Bitcoin worth $1.30 billion in their reserves. This large Bitcoin stash indicates Elon Musk’s bullish stance on the leading digital asset. The $1.3 equates to approximately 19,788 BTC coins at Bitcoin's current market price.

Arkham's findings suggest that Tesla's Bitcoin holdings have exceeded the previously reported figure. Arkham reported that Tesla held $780 million worth of BTC in March. The data also shows SpaceX possesses a sizable Bitcoin treasure chest valued at approximately $560 million.

Tesla's foray into Bitcoin began in February 2021 when the firm bought $1.5 billion. The firm said the Bitcoin purchase was to help further diversify and maximize returns on its cash. Tesla also said it will start accepting payments in Bitcoin in exchange for its products, subject to applicable laws.

Elon Musk also revealed SpaceX’s Bitcoin holdings in 2021 at “The B Word” online conference. “I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin,” Musk stated.

Current state of Bitcoin market

Bitcoin surged to an intraday high of $66,439 on Friday, per CoinGecko. Bitcoin has since shed some gains. However, positive sentiments continue, with the coin now stabilized at the $65,000 price range.

At press time, the BTC price was $65,765, up 0.36% in the past day and 4.4% in the past week. However, the 24-hour trading volume registered a tempered outlook, experiencing a 33% decline.

Nevertheless, Bitcoin is now on course to secure its best September despite expectations of a bad month.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.