The American space company SpaceX, led by Elon Musk, owns 8,285 bitcoins worth approximately $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 firm Arkham certain The value of SpaceX’s bitcoin holdings has increased by $695.24 million since November 29, 2022. As market activity has confirmed, the bitcoin stash, which the company is said to hold on Coinbase Prime, has remained untouched in the past three years.
SPACEX has raised $700 million in Bitcoin since 2022 pic.twitter.com/CRPjiPmabx
– Arkham (@Arkham) January 17, 2025
The data also shows that last year, reserves made a net gain of more than 130%, boosted by Bitcoin’s surge to over $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 published In the Wall Street Journal, SpaceX first reported $373 million worth of Bitcoin holdings on its balance sheet in 2021. By the end of the year, which coincided with the market rally, the company had 25.6 thousand Bitcoins, when the coin was priced at $46,000. For each currency.
In May 2022, the company sold approximately $450 million worth of cryptocurrencies at a loss, as the price of Bitcoin fell to $20,000. The airline giant then decided to keep its remaining Bitcoin reserves, which now stand at around 8.9 thousand coins.
Electric car maker Tesla, another of Musk’s companies closely linked to SpaceX’s cryptocurrency strategy, first publicly listed its BTC holdings in March 2024 through the Arkham Chain. analysis.
Reuters quoted the US Securities and Exchange Commission (SEC) as providing this open Tesla acquired $1.5 billion worth of Bitcoin in January 2021. During the year, for about three months, the company briefly accepted Bitcoin payments for its cars.
Tesla sold parts of its portfolio twice: first in 2021 and again during the 2022 bear market, offloading $936 million worth of Bitcoin as the asset’s price fell below $40,000. As of the time of this writing, Tesla owns about 11.5 thousand coins, valued at just over $1.1 billion, according to Arkham Monitoring.
The car manufacturer accepts Bitcoin as payment I finish In May 2021, with Musk confirming that environmental concerns over the cryptocurrency mining process had ceased.
“We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said. male On X.
Stablecoins streamline SpaceX’s global operations
In other news, SpaceX is converting payments for Starlink satellite internet services into stablecoins to avoid foreign exchange risks, Silicon Valley venture capitalist Chamath Palihapitiya said.
Speaking on YouTube’s All-In podcast in December, Palihapitiya He explained The company uses this strategy mainly in countries with underdeveloped traditional financial systems.
“When they collect payments in long-tail countries, they don’t want to take on foreign exchange risk or deal with sending remittances,” he said. “Stablecoins will allow us to remove all this crumbling infrastructure that banks use to kind of slow down and tax the process that wasn’t They are supposed to never be taxed.
Palihapitiya has called for stablecoins as the primary means for cross-border transactions in the US, because they will charge much lower fees compared to traditional financial entities like Stripe.
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