Cryptocurrency information company Arkham stated in a post yesterday (July 7) that Tesla holds approximately 11,510 BTC in 68 addresses, while SpaceX holds approximately 8,290 BTC in 28 addresses. If the data is accurate, it means that Tesla has once again increased its holdings by nearly 1,800 BTC.
(Caption: Michael Saylor: Bitcoin Spot ETF is competing with the S&P 500 and will soon surpass gold.)
(Supplemental Background: Is Musk considering restarting “Buy Tesla with Bitcoin”? Bloomberg: Over 50% of BTC mining is done with green energy.)
Cryptocurrency information company Arkham posted on X yesterday evening, stating that they have been tracking the Bitcoin holdings of electric vehicle manufacturer Tesla and SpaceX.
It is worth noting that they found that Tesla currently holds approximately 11,510 BTC (approximately $780 million) in 68 addresses, and SpaceX holds approximately 8,290 BTC (approximately $560 million) in 28 addresses.
Will Musk purchase Bitcoin again?
According to the data announced in Tesla’s previous financial report, it held 9,270 BTC, while the data released by Arkham currently shows an increase of approximately 1,800 BTC. This means that if Arkham’s statistical data is correct, Tesla is likely to announce an increase in its holdings in the next financial report.
Tesla previously spent $1.5 billion to purchase Bitcoin.
It is understood that Tesla’s first Bitcoin purchase transaction occurred in February 2021. At that time, a document submitted to the U.S. SEC showed that Tesla had purchased $1.5 billion worth of Bitcoin and announced that it would soon accept Bitcoin as a payment option for its electric vehicles and other products.
It is worth noting that at that time, the price of Bitcoin was less than $39,000. After media reports, the price of Bitcoin quickly surged and once exceeded $50,000. However, less than two months later, on May 13, 2021, Musk reversed his decision and announced that Tesla would no longer accept Bitcoin payments, causing Bitcoin to plummet by 15% and briefly drop to $46,000.
Additionally, Tesla has sold Bitcoin twice:
In the late first quarter of 2021, Tesla sold 10% of its holdings at a high point, resulting in an increase in its earnings of $272 million for that quarter.
In 2022, before the Bitcoin crash, Tesla sold nearly 30,000 BTC for approximately $936 million, accounting for 75% of its holdings.
If Tesla and SpaceX do increase their Bitcoin holdings in the next financial report, it will undoubtedly be good news for Bitcoin, and the price of Bitcoin may continue to rise as a result.
Further reading:
Musk: Considering sending Bitcoin to Mars! X Twitter may also embrace BTC payments.
Related Reports
Musk and SEC: Two reasons for the “Sharp Decline” in Bitcoin? Whales chased the price up and then reluctantly cut their losses.
WSJ: SpaceX records a “devaluation loss” of $370 million on Bitcoin, did Musk sell it all?
Tesla’s performance in 2022 “pales in comparison to Bitcoin”; Musk predicts that the economic recession will be at least at the level of 2009.