Arkham, a blockchain analytics firm, has reportedly identified Bitcoin addresses held by Elon Musk’s Tesla and SpaceX. The on chain tracker claims to be the first entity to publicly identify the Bitcoin holdings of these giants. However, it contends that these on-chain fund flows align with the financial statements from Tesla and SpaceX.
Tesla in big Bitcoin profits
Elon Musk’s Tesla reveals its Bitcoin holdings, HODL or not?According to the data provided by Arkham, Tesla currently holds approximately 11,510 Bitcoins in 68 addresses (approx worth $780 million). However, SpaceX on the other hand holds around 8,290 Bitcoins in different 28 addresses (approx worth $560 million).
Tesla made a huge investment move of $1.5 billion in Bitcoin in January 2021. It is being reported that the company sold its BTC holdings on two occasions. The selling occasion came in Q1 2021. It sold $272 million worth of Bitcoin while it sold $936 million in Q2 2022. The on-chain analysis supports these reported transactions.
Arkham suggests that Tesla’s current profit on Bitcoin is $476 million. This profit calculation likely considers the difference between the purchase price of the Bitcoin and the sale proceeds.
It is important to note that Tesla allowed purchases of its electric vehicles using Bitcoin between March 24 and May 12, 2021. Arkham’s Intel Exchange Bounty reportedly revealed a Tesla car purchase linked to a larger cluster of its Bitcoin holdings.
How much does SpaceX hold?
If we talk about SpaceX, according to Arkham, it is holding Bitcoin valued at approximately $560 million. The firm has identified 28 Bitcoin addresses associated with SpaceX. The report provides insights into the dynamics of Bitcoin holdings for both Tesla and SpaceX, including purchase and sale transactions.
The major revelation comes in when Bitcoin is making the crypto industry go gaga. Bitcoin price is by 57% in the last 30 days. BTC is trading at an average price of $67,806, at the press time. Its 24 hour trading volume is down by 53% to stand at $50 billion. However, Bitcoin is holding at market cap of $1.33 trillion.
It is still undisclosed how much Dogecoin (DOGE) both companies are holding. Elon Musk has already shown his likeness towards DOGE in different events. His one post on social media can send the meme token up to the moon.
However, Dogecoin price is up by 98% in the last 30 days. DOGE is trading at an average price of $0.1558, at the press time.
