Tesla has once again captured headlines, this time for its foray into the world of Bitcoin. Arkham blockchain investigators cracked the code, revealing the hidden Bitcoin vaults of Elon Musk’s companies, Tesla and SpaceX. Their findings are staggering: a combined fortune of more than $1 billion in Bitcoin.
Tesla’s Bitcoin Journey
In Tesla’s treasure trove, Arkham discovered about $771 million in Bitcoin scattered across many wallets. This digital treasure experienced its share of ups and downs. When the cryptocurrency market crashed in May 2022, Tesla sold a significant portion of its Bitcoin, barely breaking even. However, fortune rewarded the daring. Tesla’s profits rose along with Bitcoin. Skeptics were taken aback by their $455 million profit.
However, fortune rewarded the daring. Tesla’s profits rose along with Bitcoin. Skeptics were taken aback by their $455 million profit.
SpaceX’s Crypto Adventure
SpaceX, too, experimented in the cryptocurrency space. Its Bitcoin journey began with around $555 million in holdings. The May 2022 crash made a dent, but the corporation withstood the storm. By November 2023, SpaceX had returned to profitability, profiting $132 million from the Bitcoin bull market.
Underestimating the Titans
Analysts had underestimated Tesla and SpaceX’s crypto capabilities. Previous estimations paled in comparison to Arkham’s findings. Tesla’s purported 9,720 BTC holdings turned out to be a staggering 11,509 BTC. The secret of SpaceX’s Bitcoin stockpile has also been revealed, which stands at more than $555 million.
Bitcoin Ventures Unveiled
Tesla’s venture into Bitcoin began in January 2021 with a whopping $1.5 billion investment. This move sent shockwaves through the market, causing Bitcoin to skyrocket.
In a bold move, Tesla briefly considered accepting Bitcoin payments for its vehicles. Tesla’s BTC holdings grew with its car sales, proving the approach was successful.
Tesla Bitcoin: The Rise and Fall
Despite making enormous profits, Tesla’s Bitcoin journey has not been without setbacks. An untimely sale in June 2022 saw approximately 30,000 Bitcoins sold at a discount, highlighting the market’s instability. Selling a chunk of shares after Bitcoin reached record highs in March 2021 was profitable, yielding more than $250 million in cash.
Today, Bitcoin stands tall, having risen to $68,000 once more. The recent discovery of Tesla and SpaceX’s crypto coffers adds another layer to Bitcoin’s story, solidifying its reputation as a profitable investment opportunity.
The revelation of Tesla and SpaceX’s billion-dollar Bitcoin holdings unveils a new frontier in the crypto saga. As Bitcoin continues its ascent, Elon Musk’s ventures stand as titans in the crypto realm, reshaping the future of finance.
