In simpler terms, due to the surge in Bitcoin‘s value, the American space technology leader SpaceX has reaped approximately $700 million in profits from its Bitcoin investments, as reported by data provider Arkham Intelligence.
SpaceX and Bitcoin Bet
SpaceX, a company owned by Elon Musk, was among the early corporations to purchase Bitcoin. According to Arkham’s data, SpaceX presently owns about 8,285 Bitcoins, which is equivalent to roughly $851 million and change.
SPACEX IS UP $700M ON BITCOIN SINCE 2022
— Arkham (@arkham) January 17, 2025
According to the data intelligence platform, the value of SpaceX’s Bitcoin holdings has increased from its record low of $134 million, which was reached on November 29, 2022. SpaceX has chosen to keep holding onto its Bitcoin, demonstrating resilience during the prolonged consolidation period of Bitcoin.
In January 2024, a Bitcoin ETF started trading and the price of Bitcoin reached new record highs multiple times. As a result, SpaceX’s Bitcoin holdings significantly increased in value. Nevertheless, these holdings have not yet surpassed their peak value of over $1.6 billion.
Based on information from Arkham, SpaceX holds its Bitcoin reserves primarily through Coinbase Prime. Since the year 2021, the company has executed over thirty transactions, and every transfer has been routed through Coinbase Prime as the main hub.
Brighter days ahead
In a recent analysis by Arkham Insights on SpaceX’s investment portfolio, it’s revealed that the current value of Bitcoin is approximately $102,766. This premier digital coin is now aiming towards a price point of $103,000, as its bullish trend continues strongly.
SpaceX and Tesla Inc., both under Elon Musk’s leadership, stand to benefit financially from the current increase in Bitcoin prices. As previously reported by U.Today, Tesla’s Bitcoin holdings managed to maintain over $1 billion in value even during November of last year, as Bitcoin reached a new local high.
Currently, numerous institutional investors are choosing to invest in Bitcoin. For instance, BlackRock Inc. earned a substantial sum of $527 million from their Bitcoin ETF offering on November 16th, highlighting the intense demand for such investment opportunities.
With this institutional adoption trend, SpaceX may see more of an uptick if it continues to HODL.
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2025-01-17 18:36