2024-3-15 17:52 |
In a report by Arkham Intelligence, the on-chain Bitcoin addresses of Elon Musk’s pioneering companies, Tesla and SpaceX, have been uncovered, showcasing a hefty investment in the cryptocurrency.
As of March 7, the analysis revealed that Tesla is in possession of 11,510 BTC, valued at approximately $780 million, across 68 distinct addresses.
Meanwhile, SpaceX boasts a Bitcoin stash of 8,290 BTC, equivalent to $560 million, spread over 28 addresses.
Tesla’s foray into Bitcoin began with a substantial purchase of $1.5 billion worth of BTC in January 2021, marking a significant milestone in corporate investment in cryptocurrencies.
This bold move was followed by two major sales of Bitcoin, totaling $1.208 billion, reflecting a nuanced approach to its Bitcoin investment strategy.
Despite these sales, Tesla remains a major player in the Bitcoin ecosystem, not only as an investor but also as an innovator, briefly allowing customers to purchase vehicles using Bitcoin in early 2021.
Arkham data in the pastArkham’s disclosure aligns with the financial declarations of both companies, offering a layer of verification to these findings.
The blockchain analytical firm has a track record of pinpointing the on-chain addresses of key players in the crypto market, including the identification of addresses linked to the Grayscale Bitcoin Trust, MicroStrategy, and the popular trading platform Robinhood.
Tesla’s current Bitcoin holding stands as the third-largest public holding of the cryptocurrency, trailing only behind MicroStrategy and BTC miner Marathon, according to Bitcoin Treasuries.
Tesla holdingsDespite Tesla’s active trading history, public disclosures have yet to reflect any recent changes to its Bitcoin portfolio, sparking curiosity among investors and analysts alike.
SpaceX holdingsSpaceX, although not publicly traded and therefore less transparent about its financial dealings, reportedly adjusted its Bitcoin holdings by $373 million between 2021 and 2022.
This adjustment, which includes a portion sold off, indicates a strategic engagement with the cryptocurrency asset by Elon Musk’s space exploration venture.
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