Arkham’s on-chain analysis found that Bitcoin transactions and flows were identical to SpaceX and Tesla’s balance sheets. The data shows that Tesla purchased $1.5 billion of BTC in January 2021.
Just two months after that, the automobile giants briefly allowed the purchase of Tesla in Bitcoin. Tesla’s BTC holdings have increased since then, as a large cluster of the current holdings seems related to a particular car sale.
Tesla only sold its BTC portfolio on two occasions, one in the first half of 2021 and another in 2022. The company sold a large chunk of BTC worth $936 million in the second quarter of 2022, at the beginning of the bear market, when Bitcoin began dipping below $40,000. Tesla currently holds just over $772 million in BTC.
SpaceX also acquired Bitcoin in 2021 and sold it for around $450 million in 2022. The company currently holds over $555 million in BTC.
The figures would make Tesla and SpaceX the third and fifth largest Bitcoin holders. However, cumulatively, this makes Elon Musk’s ventures the second largest BTC holders after MicroStrategy. The largest cryptocurrency remains bullish, reaching $68,000 again today after hitting its all-time high last week.
