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TLDR
- SpaceX’s bitcoin holdings have surpassed $1 billion as BTC reached a new all-time high
- The company holds 8,285 BTC, unchanged since reducing holdings by 70% in mid-2022
- Bitcoin is now trading above $123,000, making it the fifth largest asset by market cap
- Tesla also maintains substantial bitcoin holdings worth $1.42 billion (11,509 BTC)
- Bitcoin’s recent surge was partly driven by positive anticipation of a September interest rate cut
Elon Musk’s aerospace company SpaceX has seen its bitcoin holdings exceed $1 billion in value as the cryptocurrency reached new record highs this week. The company’s crypto portfolio has grown in value purely through price appreciation, as it has maintained the same quantity of bitcoin since 2022.
According to data from blockchain analytics firm Arkham Intelligence, SpaceX currently holds 8,285 BTC, valued at approximately $1.02 billion at current prices. This position makes SpaceX one of the largest corporate holders of bitcoin outside the financial sector.
This isn’t the first time SpaceX’s bitcoin holdings have crossed the billion-dollar mark. Arkham data shows that the company’s holdings were valued at around $1.8 billion in April 2021, when it owned approximately 28,000 BTC.
SpaceX reduced its holdings by about 70% in mid-2022, bringing it to its current amount. This reduction coincided with major market disruptions, including the Terra-Luna collapse in May and the FTX exchange failure in November of that year.
Since that reduction, SpaceX has not purchased additional bitcoin, choosing instead to hold its current position. This “HODL” strategy (crypto slang for holding rather than selling) has paid off as bitcoin’s price has surged in recent months.
Musk’s Crypto Portfolio
Tesla, another company led by Elon Musk, also maintains substantial bitcoin holdings. The electric vehicle manufacturer currently holds 11,509 BTC, worth approximately $1.42 billion.
Like SpaceX, Tesla sold a large portion of its bitcoin holdings in mid-2022. Combined, the two Musk-led companies hold approximately 19,788 BTC, valued at roughly $1.8 billion.
This positions them among the largest non-financial corporate holders of bitcoin, further establishing the cryptocurrency’s role in institutional portfolios. Their long-term holding strategy reflects confidence in bitcoin’s potential as a digital store of value.
Bitcoin Breaks Records
Bitcoin has experienced a major price surge, breaking past its previous all-time high set in July. The cryptocurrency is up 3.17% in the last 24 hours and is currently trading at $123,117, after briefly surpassing $124,300.
This price increase has propelled bitcoin to become the fifth largest asset by market capitalization, with a value of $2.452 trillion. This puts it ahead of Google, which has a market cap of $2.448 trillion.
The price surge for bitcoin and other cryptocurrencies has been partly driven by expectations of a September interest rate cut in the United States. This anticipation follows cooler-than-expected macroeconomic data.
“Markets had anticipated July’s CPI to tick up slightly to 2.8% from June’s 2.7%,” explained Paul Howard, senior director at crypto market maker Wincent. “Instead, the figure held steady despite inflationary pressure from tariffs.”
Howard added that this outcome is positive for bitcoin and ethereum, as it increases the likelihood of a potential U.S. rate adjustment.
SpaceX’s initial bitcoin purchase was made on December 31, 2020, and its last acquisition took place on June 10, 2022. The company has not sold any bitcoin since then, according to available data.
The revelation about the current value of SpaceX’s bitcoin holdings comes amid growing institutional interest in cryptocurrencies. As more companies disclose their bitcoin positions, the market gains greater clarity on institutional demand.
This trend could influence future regulatory frameworks and investor sentiment toward digital assets. SpaceX’s decision to maintain its bitcoin holdings through market volatility may serve as a model for other companies considering cryptocurrency as part of their treasury strategy.
Bitcoin’s recent price movement demonstrates continued market confidence in the cryptocurrency, despite its historical volatility.
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