According to the latest Arkham data, Elon Musk's companies Tesla and SpaceX hold over $1 billion worth of Bitcoin.
Arkham's on-chain analysis found that Bitcoin transactions and flows were identical to the balance sheets of SpaceX and Tesla. Data shows that Tesla purchased $1.5 billion worth of BTC in January 2021.
Just two months later, the automotive giants briefly allowed Tesla to be purchased in Bitcoin. Since then, Tesla's BTC holdings have increased as a large portion of the current holdings appear to be related to a specific car sale.
The on-chain fund flows we identified are consistent with the financial reports of Tesla and SpaceX.
Tesla bought $1.5 billion worth of BTC in January 2021 and sold BTC twice:
Sold $272 million worth of BTC in Q1 2021
Sold $936 million worth of BTC in Q2 2022
Tesla allowed the purchase of Teslas in Bitcoin between March 24th… pic.twitter.com/d7xLcyPmT6
— Arkham (@ArkhamIntel) March 7, 2024
Tesla sold its BTC portfolio only twice, once in the first half of 2021 and once in 2022. The company sold a large chunk of BTC worth $936 million in the second quarter of 2022, at the start of the bear market when Bitcoin started below 40,000 US dollar to fall. Tesla currently holds just over $772 million in BTC.
SpaceX also acquired Bitcoin in 2021 and sold it for around $450 million in 2022. The company currently holds over $555 million in BTC.
These numbers would make Tesla and SpaceX the third and fifth largest Bitcoin holders. However, overall, Elon Musk's companies are the second largest BTC holders after MicroStrategy. The largest cryptocurrency remains bullish, hitting $68,000 again today after hitting its all-time high last week.
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