A blockchain tracker called Arkham has brought attention to the massive Bitcoin holdings of Elon Musk’s companies, Tesla and SpaceX, causing a stir in the crypto world.
Arkham, a blockchain tracker, recently highlighted the substantial Bitcoin holdings of Elon Musk’s companies, Tesla and SpaceX. The revelation of these on-chain funds has sparked speculations and discussions within the crypto community. Interestingly, the Bitcoin price experienced a surge today, further aligning with the sentiments of a potential rally on the horizon.
Elon Musk’s Bitcoin Holdings: Tesla and SpaceX’s Multi-Billion-Dollar Bet
Elon Musk’s companies, Tesla and SpaceX, have been revealed to possess a substantial amount of Bitcoin, estimated at around $1.34 billion, as per data from the blockchain tracker Arkham. This revelation has ignited significant interest among cryptocurrency traders and investors worldwide, particularly as Bitcoin recently surged to a new all-time high exceeding $68,000.
The Bitcoin holdings of Tesla and SpaceX are distributed across nearly 100 different addresses, reflecting Musk’s robust confidence in the leading cryptocurrency. Moreover, with the upcoming Bitcoin halving event, this disclosure further bolsters investor sentiment towards Bitcoin.
Despite experiencing a brief decline, Bitcoin maintained its upward trajectory today, according to information sourced from CoinMarketCap.
Elon Musk’s Bitcoin Holdings: Insights from Arkham
Insights from Arkham reveal that Tesla presently possesses 11.51K BTC, valued at approximately $780 million, spread across 68 different addresses. Similarly, SpaceX holds 9.29K BTC, worth around $560 million, across 28 different addresses. Remarkably, Arkham’s investigation even matched on-chain fund flows with Tesla and SpaceX’s financial statements.
BREAKING: TESLA & SPACEX ARE NOW ON ARKHAM
Arkham has identified the BTC holdings of Tesla and SpaceX. We are the first to publicly identify these holdings on chain.
We believe Tesla currently holds 11.51K BTC ($780M) across 68 addresses, and SpaceX holds 8.29K BTC ($560M)… pic.twitter.com/vwoEJ0h0dS
— Arkham (@ArkhamIntel) March 7, 2024
Interestingly, Tesla made headlines in January 2021 by purchasing $1.5 billion worth of BTC, subsequently selling portions of it twice. The first sale, in Q1 2021, amounted to $272 million, while the second, in Q2 2022, saw a substantial $936 million BTC divestment.
Arkham also shed light on Tesla’s decision to accept Bitcoin as payment for Teslas between March 24 and May 12, 2021. Remarkably, this move correlated with a Tesla car purchase linked to the company’s BTC holdings, adding to the intrigue.
Elon Musk’s substantial Bitcoin holdings reflect remarkable optimism surrounding the pioneering cryptocurrency. With the advent of Bitcoin ETFs and bullish sentiment ahead of the halving, expectations for further price increases remain high.
Bitcoin Price Update Amid Musk’s Holdings
As of the latest data, Bitcoin experienced a modest increase of 0.71% in the last 24 hours, reaching a trading price of $66,734. The recent milestone of surpassing the $68,000 mark underscores the bullish sentiment prevailing in the market, fueled by the introduction of ETFs and anticipation surrounding the upcoming halving event.
Bitcoin’s monthly surge of 54.97% further solidifies its position in the midst of a significant bull run, with Elon Musk’s companies’ notable accumulations contributing to the positive momentum. This infusion of optimism from Tesla and SpaceX’s substantial Bitcoin holdings has heightened expectations among crypto enthusiasts regarding Bitcoin’s future price trajectory as the halving event draws nearer.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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