Arkham Claims Tesla, SpaceX Bitcoin Holdings Close To 20,000 BTC

March 11, 2024
Tesla and SpaceX Hold $1.34 Billion in Bitcoin
Tesla and SpaceX Hold $1.34 Billion in Bitcoin

Blockchain analytics platform Arkham Intelligence claimed to have unveiled a remarkable discovery: addresses associated with Tesla and SpaceX collectively hold 19,797 BTC, an astounding sum equivalent to approximately $1.34 billion. 

Arkham’s recent analysis sheds light on the cryptocurrency holdings of two titans in the tech industry, revealing that Tesla and SpaceX have substantial investments in Bitcoin.  “Arkham has identified the BTC holdings of Tesla and SpaceX. We are the first to publicly identify these holdings on-chain,” the firm said in a tweet.

Specifically, Tesla’s portfolio includes 11.51K BTC, valued at approximately $780 million, dispersed among 68 distinct addresses. Meanwhile, SpaceX’s engagement in the digital currency space is marked by its possession of 8.29K BTC, amounting to a total value of $560 million, spread across 28 wallets. 

Arkham matched on-chain fund flows with the financial disclosures of both Tesla and SpaceX, providing a compelling verification of their Bitcoin transactions. According to its analysis, Tesla made a significant entry into the cryptocurrency market by purchasing $1.5 billion worth of Bitcoin in January 2021. 

Tesla also made strategic sales, offloading $272 million worth of Bitcoin in the first quarter of 2021 and a substantial $936 million in the second quarter of 2022. 

Tesla initially engaged with Bitcoin in February 2021, investing $1.5 billion and acquiring approximately 43,000 BTC. The company simultaneously announced accepting Bitcoin as a payment method. However, in May 2021, it suspended Bitcoin payments for vehicle purchases over the negative environmental impact of BTC mining.

In its 2023 fourth-quarter financial report, Tesla Inc. made a noteworthy decision to exclude any references to its Bitcoin-related endeavors, subtly emphasizing the company’s steadfast commitment to its substantial Bitcoin portfolio, which holds 9,720 BTC.

On the other hand, details about SpaceX’s Bitcoin holdings remain elusive due to its status as a privately held entity. The Wall Street Journal’s report, however, unveiled that the spacecraft manufacturing firm altered its Bitcoin investments by $373 million between 2021 and 2022, including the divestiture of a certain portion of the asset. The latest earnings report issued by Tesla in January made no mention of the cryptocurrency.

The identification of these addresses allows for greater transparency regarding the cryptocurrency holdings of major corporations. It provides an opportunity for analysts, investors, and enthusiasts to verify transactions and holdings against public statements, enhancing trust in these companies’ financial disclosures.

The investment behaviors of high-profile companies like Tesla and SpaceX can have substantial impacts on the cryptocurrency market. Knowledge of their wallet addresses allows observers to track inflow and outflow activities, potentially offering insights into market movements based on these companies’ actions, such as purchases, sales, or transfers of Bitcoin.

For investors, knowing that industry-leading companies hold substantial amounts of Bitcoin can serve as a vote of confidence in the stability and potential of cryptocurrencies. It signals that these innovative and forward-thinking companies see value in holding digital assets, potentially encouraging more investors to consider cryptocurrency as a legitimate part of a diversified investment portfolio.

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