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In a shocking revelation for the crypto industry, data from the blockchain analysis platform Arkham revealed the magnitude of Bitcoin (BTC) owned by Elon Musk's firms Tesla and SpaceX.
Tesla's and SpaceX's Bitcoin holdings
According to a recent post on X, Arkham unveiled that Tesla currently holds 11,510 BTC, valued at approximately $780 million, distributed across 68 addresses.
Alex DovbnyaAdditionally, the data also shows that SpaceX boasts its own Bitcoin treasure chest, with holdings totaling 8,290 BTC, valued at approximately $560 million, dispersed across 28 addresses.
What makes this revelation even more surprising is that it contradicts Tesla's earlier disclosure in its Q4 report, where it claimed to possess 9,720 BTC. Arkham's findings suggest that Tesla's Bitcoin holdings have exceeded the previously reported figure, implying a potentially larger investment in the cryptocurrency than previously disclosed.
Tesla's journey into the world of Bitcoin began in February 2021 when the company made headlines by investing a substantial $1.5 billion in the cryptocurrency. This action sent ripples through the crypto space, catapulting Bitcoin's value to new highs.
However, Arkham noted in its recent report that Tesla divested a portion of its holdings, selling $272 million worth of Bitcoin in Q1, 2021, and $936 million in Q2, 2022. Interestingly, Arkham's Tesla Intel Exchange Bounty uncovered a Tesla car purchase linked to the larger cluster of Tesla's Bitcoin holdings, providing additional validation for the platform's findings.
Musk's stance on cryptocurrency
Despite his endorsement of Bitcoin, Elon Musk remains somewhat hesitant toward cryptocurrency as a whole. When questioned about its impact on the monetary system by Cathie Wood, Musk admitted to spending little time pondering cryptocurrency but expressed a keen interest in understanding the nature of money itself.
Notably, Musk has been a vocal supporter of Dogecoin, often referring to it as the "people's money" and endorsing it through various means, including social media.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team