Here’s How Much Bitcoin (BTC) Elon Musk’s Tesla and SpaceX Currently HODLs

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As a seasoned researcher with years of experience tracking market trends and financial disclosures, I find it fascinating to witness the growing influence of cryptocurrencies, particularly Bitcoin, in the traditional finance world. Elon Musk’s decision to invest Tesla and SpaceX’s reserves into Bitcoin serves as a testament to its growing legitimacy and acceptance among major players.

Arkham Intelligence, an on-chain data analysis platform, has recently revealed that both Tesla and SpaceX companies owned by Elon Musk collectively hold Bitcoins. This revelation comes at a time when the price of Bitcoin (BTC) is gaining traction following the 50 basis points rate reduction announced by the U.S. Federal Reserve earlier this month.

Elon Musk’s Tesla and SpaceX Bitcoin holdings

As per Arkham’s report, both Tesla and SpaceX hold a total of around 19,788 Bitcoin, which translates to roughly $1.3 billion based on the current market value of Bitcoin. This substantial amount suggests that Elon Musk views Bitcoin as a promising asset given his companies’ investment in it.

Elon Musk’s companies, Tesla and SpaceX, own a combined $1.30B in Bitcoin.

— Arkham (@ArkhamIntel) September 27, 2024

According to recent findings by Arkham, it appears that Tesla’s Bitcoin holdings have surpassed the earlier reported amount. Originally, it was reported that Tesla owned around $780 million in Bitcoin back in March. However, new data indicates that SpaceX also holds a substantial amount of Bitcoin, approximately $560 million.

Tesla started venturing into Bitcoin back in February 2021 by investing $1.5 billion. The company stated that the Bitcoin acquisition aimed to enhance diversification and boost returns on their cash reserves. Additionally, they announced their intention to accept Bitcoin as a form of payment for their products, provided it complies with relevant laws.

Elon Musk also revealed SpaceX’s Bitcoin holdings in 2021 at “The B Word” online conference. “I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin,” Musk stated.

Current state of Bitcoin market

On Friday, Bitcoin hit a peak of $66,439 according to CoinGecko, but it later experienced a drop in value. Nevertheless, optimistic feelings persist, as the cryptocurrency currently maintains a steady position within the $65,000 price bracket.

Currently, the Bitcoin price stands at approximately $65,765, showing an increase of 0.36% over the last day and a significant jump of 4.4% within the past week. Yet, it’s worth noting that the 24-hour trading volume has dropped by about 33%.

In spite of predictions that September would be a difficult month, Bitcoin seems to be heading towards its strongest performance yet for this month.

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2024-09-28 16:25