Bitcoin: Elon Musk’s Tesla & SpaceX Holds $1.3B BTC, A Price Rally Ahead?

Blockchain tracker Arkham spotlights Elon Musk's Tesla and SpaceX's colossal Bitcoin holdings, making waves throughout the crypto landscape.
By Coingape Staff
"Fiat Is Hopeless" Elon Musk Says America Party Will Embrace Bitcoin

Highlights

  • Arkham recently spotlighted colossal BTC holdings by Tesla and SpaceX, Elon Musk's firms.
  • Tesla and SpaceX's on-chain funds sparks speculations.
  • Bitcoin price noted a jump today, aligning with sentiments of a rally ahead.

In what comes as a remarkable revelation within the cryptocurrency landscape, Elon Musk’s Tesla and SpaceX have been registered holding colossal amounts of Bitcoin, per insights unveiled by the blockchain tracker Arkham. These holdings, valued at $1.34 billion, promptly garnered noteworthy attention among crypto market traders and investors globally as BTC recently surged past the $68K mark, scaling a new ATH (All-time- high) this week.

With its accumulations spread out across nearly 100 different addresses, these holdings showcase Musk’s remarkable sense of confidence in the world’s first-ever digital asset. Meanwhile, as the BTC halving looms, investor sentiment orbiting Bitcoin further gets bolstered with the above-mentioned revelation.

Bitcoin, in the interim, continued its upward movement today, although the token recorded a dip briefly, per CoinMarketCap’s data.

Advertisement
Advertisement

Tesla & SpaceX BTC Holdings & On-Chain Flows: Diving Deep

According to the insights unveiled by Arkham, Tesla currently holds 11.51K BTC, worth $780 million, across 68 different addresses, whereas SpaceX currently holds 9.29K BTC, worth $560 million, across 28 different addresses. Upon further investigation, Arkham even identified on-chain fund flows that match Tesla and SpaceX’s financial statements.

Intriguingly, Tesla bought $1.5 billion worth of BTC in January 2021 and sold it on two occasions. Arkham’s first sale of Tesla’s BTC recorded dates back to Q1 2021, evaluating a sale of $272 million worth of coins. On the other hand, the second sale recorded dated back to Q2 2022, showcasing a $936 million BTC selloff.

In addition to this data, Arkham spotlighted another intriguing phenomenon wherein Tesla allowed purchases of Teslas (cars) in Bitcoin between March 24 and May 12, 2021. Aligning with this, the tracker identified a Tesla car purchase linked to Tesla’s BTC holdings, further sparking inferences.

These phenomenal holdings by one of the world’s most renowned entrepreneurs mirrored immense optimism orbiting the world’s first digital currency. While BTC has already scaled new heights with the Bitcoin ETFs and pre-halving bullish sentiment weighing in, further expectations of greater pumps persist as the halving has yet to occur.

Also Read: Solana Price Rallies 8% As Pantera Plans To Buy $250M SOL From FTX

Advertisement
Advertisement

Bitcoin Price Jumps

As of writing, the Bitcoin price noted an uptick of 0.71% over the past 24 hours and is currently trading at $66,734. The token’s recent topping of the $68K mark, mirroring the optimism birthed with ETFs and pre-halving sentiment, further fueled bullishness on BTC.

With a monthly surge of 54.97%, the token’s exhibition of a bull run is now further aided by Musk’s firms’ accumulations weighing in. Crypto market enthusiasts appear to be highly optimistic about BTC’s bolstered price action ahead as halving approaches, with Tesla and SpaceX’s colossal holdings further adding up to the optimism.

Also Read: VTuber: More Than Just Animated Avatars, Here’s Why

Advertisement
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.