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The crypto analyst Arkham Intelligence has revealed significant Bitcoin holdings by Elon Musk’s companies. The on-chain data shows Tesla holding around 11,510 BTC worth $780 million across 68 addresses. Additionally, SpaceX holds approximately 8,290 BTC valued at $560 million in 28 different addresses.
Arkham’s findings align with the financial statements of both firms. The data shows Tesla purchased $1.5 billion worth of BTC in January 2021. It also shows two BTC sale events by Tesla – $272 million in Q1 2021 and $936 million in Q2 2022.
Furthermore, Arkham uncovered a Tesla car purchase linked to the company’s BTC holdings. This aligns with Tesla’s acceptance of BTC payments for vehicles between March 24 and May 12, 2021.
The substantial BTC holdings by Tesla and SpaceX reflect Elon Musk’s optimism toward the leading cryptocurrency. Tesla’s BTC investment in 2021 followed Musk’s public interest in Bitcoin. While Musk later cited environmental concerns for halting BTC payments for Tesla cars, his companies maintain a significant crypto exposure.
Also read: Elon Musk Criticizes $5.6B Legal Fee Request in Tesla Case
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