American aerospace company SpaceX, led by Elon Musk, holds 8,285 Bitcoin valued at around $851 million, according to data from Arkham Intelligence. The company has reportedly made $700 million in profits from its Bitcoin investments since 2022.
On Friday, blockchain data analysis company Arkham confirmed that the value of SpaceX’s BTC holdings has increased by $695.24 million since November 29, 2022. As confirmed by market activity, Bitcoin, which the company would have kept on Coinbase Prime, was not affected. over the last three years.
The data also shows that over the last year, reserves generated a net profit of more than 130%, supported by Bitcoin’s rise beyond $100,000 after Donald Trump was declared the winner of the US election in November.
Bitcoin balance sheet history of companies led by Elon Musk
According to a report in the Wall Street Journal, SpaceX recorded $373 million in Bitcoin holdings on its balance sheet for the first time in 2021. By the end of the year, which coincided with a market rally, the company held 25.6k BTC, when the coin was priced at $46k per coin.
In May 2022, the company sold approximately $450 million worth of cryptocurrency at a loss as the price of BTC dropped to $20,000. The aerospace giant then decided to hold on to its remaining Bitcoin reserves, which now stand at around 8.9k coins.
Electric car maker Tesla, another Musk company closely tied to SpaceX’s crypto strategy, had its BTC holdings first spotted in March 2024 through analytics.
Reuters cited a U.S. Securities and Exchange Commission (SEC) filing revealing Tesla had acquired $1.5 billion worth of Bitcoin in January 2021. Over the course of the year, for about three months, the company briefly accepted BTC payments for its vehicles.
Tesla sold parts of its portfolio twice: first in 2021 and then again during the 2022 bear market, offloading $936 million worth of Bitcoin as the asset’s price fell below $40,000 . As of this writing, Tesla holds approximately 11.5 thousand coins, valued at just over $1.1 billion, per Arkham surveillance.
-Acceptance of Bitcoin as a means of payment ended in May 2021, with Musk echoing environmental concerns regarding the crypto mining process.
“We are concerned about the increasing use of fossil fuels for Bitcoin, particularly coal, which produces the worst emissions of all fuels,” https://twitter.com/elonmusk/status/1392602041025843203 on X.
Stablecoins Streamline SpaceX’s Global Operations
Separately, Silicon Valley venture capitalist Chamath Palihapitiya said SpaceX is converting payments for its Starlink satellite internet services into stablecoins to avoid currency risks.
Speaking in an All-In podcast on YouTube in December, Palihapitiya explained that the company uses this strategy primarily in countries with underdeveloped traditional financial systems.
“When they consolidate payments in long-tail countries, they don’t want to take on currency risk or deal with sending wires,” he said. “Stablecoins would allow us to destroy all this decrepit infrastructure that banks are using to sort of slow down and tax a process that should never have been taxed.
Palihapitiya advocated stablecoins as the primary method of cross-border transaction in the United States because they would charge significantly less than traditional financial entities like Stripe.
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