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Here’s How Much Elon Musk’s Tesla And SpaceX Have Made From Their Bitcoin Holdings

A new report has revealed the total Bitcoin assets held by Elon Musk’s Tesla and SpaceX companies and how much profit they’re seeing so far.   

Tesla And SpaceX Bitcoin Holdings Unveiled

On Thursday, March 7, Arkham Intelligence, an AI-based blockchain analytics platform, revealed the Bitcoin holdings of SpaceX and Tesla, two companies co-founded by X (formerly Twitter) owner, Elon Musk. The comprehensive report also outlined Tesla’s BTC transactions spanning from 2021 to 2024.

According to Arkham, Tesla had purchased about $1.5 billion worth of BTC in January 2021. Subsequently, the automotive company initiated multiple transfers, opting to sell off its Bitcoin holdings valued at $272 million in the first quarter of 2021 and about $936 million in the second quarter of 2022.  

Arkham has claimed that the automotive company currently possesses a staggering 11,510 BTC, valued at $780 million. Furthermore, Tesla’s substantial Bitcoin holdings are reportedly spread across 68 wallet addresses. 

On the other hand, SpaceX, a private space exploration and technology company, currently holds about $8,290 BTC worth approximately $560 million. These assets are reportedly distributed across a total of 28 wallet addresses. 

The combined BTC holdings of these two companies place them in a league comparable to the BTC holdings of major financial institutions. Tesla has secured the third position among the largest Bitcoin holders, with MicroStrategy leading the list, possessing around 190,000 BTC worth over $8 billion. 

Despite the considerable amount of BTC held by Musk’s companies, the CEO has seemingly had a love-hate relationship with Bitcoin. Earlier in 2023, Bitcoin crashed below $25,000 after Musk’s SpaceX sold all its Bitcoin holdings. However, it seems the space company is showing more interest in BTC, as seen by its massive Bitcoin portfolio. 

Tesla May Be Buying More BTC

A crypto community member, identified as “Definalist” on X, has shared insights, suggesting that Tesla might be increasing its involvement in Bitcoin. Referring to Arkham Intelligence’s report of Tesla’s BTC holdings, Definalist disclosed Tesla’s acquisition of an additional 1,790 BTC. 

Definalist has revealed that in 2023, Tesla’s BTC balance sheet had held about 9,720 BTC. Fast forward to 2024, the automotive company’s portfolio has expanded to 11,510 BTC, revealing an unreported acquisition of an extra 1,790 BTC. 

This significant Bitcoin purchase could be attributed to the growing enthusiasm for the cryptocurrency, driven by its recent bullish momentum and massive price increases. At the time of writing, Bitcoin is trading at a price of $67,279, according to CoinMarketCap. The cryptocurrency previously surged to an all-time high of $69,200 on March, 5, after which it retraced to its current price level.

Bitcoin price chart from Tradingview.com

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SpaceX Bold Move: Why Did They Sell $373 Million In Bitcoin Holdings?

SpaceX, the aerospace company founded by tech mogul Elon Musk, reportedly took a significant step in reshaping its financial portfolio by recording a write-down of $373 million on its Bitcoin holdings in the past two years. 

According to a report from The Wall Street Journal, the company not only acknowledged the devaluation of its Bitcoin assets but also indicated the possibility of divestment.

A write-down in the context of cryptocurrency holdings refers to the reduction in the recorded value of a digital currency asset on a company’s balance sheet.

This reduction typically occurs when the market value of the cryptocurrency drops significantly, leading to a situation where asset’s market value is now lower than its original purchase price or previously recorded value.

In 2021, Musk publicly disclosed that SpaceX had entered the world of cryptocurrencies by acquiring an undisclosed amount of Bitcoin. Simultaneously, his other venture, Tesla, made headlines by revealing its plans to invest a whopping $1.5 billion in the digital currency.

A Shift In Strategy For SpaceX

Fast forward to the present, and it seems that SpaceX’s stance on Bitcoin has evolved. The company’s balance sheets for both 2021 and 2022 indicate that it valued its Bitcoin holdings at $373 million, only to subsequently record a write-down on these assets. 

The move comes amidst revelations that SpaceX’s expenditures for 2022 totaled around $5.2 billion, with an additional $5.4 billion directed toward property acquisition, equipment, research, and development.

Bitcoin’s Recent Performance

Coinciding with SpaceX’s reported actions, Bitcoin’s price has experienced notable fluctuations. The cryptocurrency’s value has plummeted by 7.0% in the last 24 hours alone, marking a 9.6% decline over the past week. 

However, amidst the market turmoil, influential crypto analyst “Credible Crypto” has predicted that this downturn may signify the bottom for Bitcoin’s price. He emphasizes that Bitcoin’s macro bullish trend remains intact and asserts that the currency remains in a bullish position over the long term.

Meanwhile, the Journal report regarding SpaceX’s Bitcoin write-down has baffled cryptocurrency enthusiasts. Some questioned if SpaceX had sold $373 million worth of Bitcoin between 2020 and 2021, or simply reduced their Bitcoin activity by that amount.

Social media outlets reported conflicting information about the company’s sale of its entire BTC holdings. While some claimed the sale occurred, others were uncertain because of the vagueness in wording in how the story was presented.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from The Motley Fool

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Meitu Loses More Than $43M In Crypto Investments Amid Bear Market

During the crypto bull run last year, Bitcoin hit the $50,000 mark for the first time and exceeded many expectations. As a result, several investors purchased bitcoin at that time. The Hong Kong Tech giant Meitu was one of the companies that acquired bitcoin as a treasury reserve.

As the market hit a decline, the tech giant suffers impairment loss. This is a type of loss where the value of an asset falls below the investment carrying value.

Bitcoin has lost over 50% of its value in the second quarter of 2022, the worst quarterly performance of BTC since the 2011 third quarter. The decline in BTC value is devastatingly affecting many of its investors.

Meitu has lost almost half of its crypto holding valuation in the emergence of the bear market this year. However, the tech firm made headlines in April 2021 after reportedly buying about 100 million dollar worth of crypto holdings.

Breakdown of Meitu’s Crypto holding

A local media disclosed Meitu’s statement over its BTC holding. According to the report, the firm lost more than 300 million yuan, worth approximately $43,400 million, on crypto investments.

Bitcoin is trending downward | Source: BTCUSDT chart from TradingView.com

Recall that Meitu disclosed its crypto holdings to be about 940 BTC and 31,000 ETH during a July exchange filing. The respective purchasing amount for the tokens is $49.5 million and $50.5 million. This made the company’s net crypto investment to be $100 million.

However, the firm lost almost half of the investment value by the second quarter of 2022 due to the recent decline in the crypto market. In addition, the financial filing revealed that the impairment loss went beyond double from the last quarter, as had earlier expected by Meitu.

Also, the company said that the loss of the value of the crypto holdings would bring more drastic effects on its performance. As a result, it could lead to a net loss for the firm in its report for the year’s second quarter.

MicroStrategy, Tesla, And Others Incurred Losses

Besides Meitu, other prominent companies have experienced remarkable losses through crypto investments. For example, MicroStrategy, the leading public company that invests in Bitcoin, has also reported an impairment loss. The company reported over 900 million dollars worth of loss on BTC holdings by the second quarter of 2022.

During the prime of last year’s bull run, Microstrategy, led by Michael Salor, used Bitcoin as a treasury reserve. This move made Bitcoin gain popularity over the U.S dollar. The idea became very attractive when Bitcoin was climbing an all-new time height every month.

Companies like SpaceX, Telsa, and dozens of others joined the trend. However, the bubbles have busted with the coming of the bear market as the BTC price dropped. As a result, Bitcoin fell from the top and is now exchanging at one-third of the previous highest value.

Featured image from Pixabay, chart from TradingView.com

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Dogecoin Adds $1 Billion To Its Market Cap Folllowing Elon Musk’s ‘Boring Company’ Announcement

Following Elon Musk’s Boring Company’s announcement, it now allows consumers to pay using Dogecoin. As a result, DOGE has increased by 5% during the past day. But after that, it decreased by over 2%. However, it had a market value increase of almost $1 billion during the past 24 hours.

With a market cap of $10.484 billion, DOGE overtook Polkadot and other currencies to rank as the tenth-largest cryptocurrency. According to CoinGecko statistics, DOGE increased by around 13% during the course of the past seven days. The price is $0.07034 at the moment.

Related Reading | Sandbox (SAND) Having A Blast With 12% Spike In 24 Hours

The flood of negative crypto news was more minor today compared to most days over the previous six weeks. The crypto sector is still plagued by uncertainty and anxiety, though.

Data from CoinMarketCap indicate that with a rise of about 2% over the last 24 hours, the global cryptocurrency market capitalization was trading higher at $930.89 billion. However, the overall volume of the cryptocurrency trade fell by approximately 18% to $53.35 billion.

Dogecoin is currently trading at $0.0706 on the daily chart | Source: DOGE/USDT chart from Tradingview.com
Pay With Dogecoin For A Ride: Elon Musk’s Boring Company Announcement

According to CNN on Wednesday, the Boring Company has made it possible for users to use DOGE to pay for rides in its recently launched Vegas Loop.

The Loop is a transportation system where Tesla car drivers ferry people through a tunnel beneath Las Vegas. The first Loop station, which debuted last Friday, is located outside the Las Vegas Convention Center, but the business intends to build a 29-mile network of tunnels under the city with 50 stations in all.

Although the corporation has not provided a precise date, rides on Loop are presently free. However, charges are ultimately planned. The Vegas Loop’s website states that single rides will cost $1.50, and day passes will cost $2.50.

The choice to offer DOGE as a payment option was made simultaneously as the Boring Company decided to construct a Loop station at the Las Vegas Convention Center.

Related Reading | Bitcoin Will Rebound In 2nd Half Of 2022, Says Bloomberg Analyst

Even though a $258 billion lawsuit has been filed against Elon Musk and two of his companies, Tesla and SpaceX, he still chose DOGE.  The billionaire was sued by a citizen of the United States for allegedly promoting Dogecoin. According to the lawsuit, Musk is accused of participating in a racketeering plot to support cryptocurrencies.

To his more than 100 million followers, he has already shared a number of Dogecoin memes. The adoption of DOGE as a payment method for rides by The Boring Company is one of several antics. Musk earlier said that he is unconcerned by the current market circumstances and would keep building up his Dogecoin holdings.

Featured image from Flickr, chart from Tradingview.com

 

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Elon Musk Plans To Become The World’s First Dogecoin Trillionaire

Tesla CEO Elon Musk says that he will become the world’s first Dogecoin trillionaire.
According to a recent prediction by a Morgan Stanley analyst, the SpaceX founder is on his way to becoming the world’s first trillionaire with his relentless amassing of wealth.

A Twitter account called UberFacts tweeted this prediction. Amusingly, the Tesla CEO replied to the tweet, stating that he would be a Dogecoin trillionaire. With that reply, he sent the Dogecoin price soaring again.

Related Reading | Elon Musk’s “Baby Doge” Tweet Spikes The Dogecoin Price

As of today, Musk is already the wealthiest man in the world, ahead of Amazon founder Jeff Bezos, who is in second place. According to the Bloomberg Billionaires Index, he has an estimated net worth of $252 billion. The Bloomberg Billionaires Index is a daily ranking of the world’s richest people.

In July, the tech entrepreneur revealed that he owns Bitcoin, Dogecoin, and Ether.

Elon Musk and Dogecoin

Musk’s net worth has skyrocketed because of Tesla, whose stock price has kept increasing over the months. On Friday, the company’s shares rose to a new high above $900/share. With his current net worth, he is worth more than the entire Gross Domestic Product (GDP) of New Zealand.

On Friday, Twitter account @UberFacts reported the prediction from Morgan Stanley.

Elon Musk is predicted to become the world's first trillionaire, thanks to SpaceX

— UberFacts (@UberFacts) October 22, 2021

Elon then replied directly to the tweet agreeing that he would be a trillionaire, but in Dogecoin.

*In Dogecoin

— Elon Musk (@elonmusk) October 22, 2021

In typical fashion, Musk’s mention of Dogecoin in the tweet resulted in the coin’s price rallying by almost 6% in just an hour. At the time of writing, Dogecoin is trading at $0.247.

Musk’s tweet pushes Doge to $0.247 | Source: DOGEUSD on TradingView.com

In July, Musk revealed that he owns Bitcoin, Ethereum, and Dogecoin. However, he has always posted memes about Dogecoin in particular and is constantly weighing in on the meme coin.

In May, the SpaceX founder announced that in 2022, SpaceX will launch a moon mission funded by Dogecoin. He said this is the first time that cryptocurrency will be used in space, and that it will also be the first meme used in space.

SpaceX launching satellite Doge-1 to the moon next year

– Mission paid for in Doge– 1st crypto in space– 1st meme in space

To the mooooonnn!!https://t.co/xXfjGZVeUW

— Elon Musk (@elonmusk) May 9, 2021

SpaceX Founder’s Net Worth Prediction

According to the Guardian, analysts at investment bank Morgan Stanley have predicted that Elon Musk will become the first trillionaire in the world.

Forbes says that the tech entrepreneur is working to revolutionize transportation both on Earth, through electric car maker Tesla, and in space, via rocket producer SpaceX.

A Morgan Stanley analyst says that he could make much more money from his space exploration business SpaceX than he has made from Tesla.

Related Reading | Elon Musk Brushes Off SNL Fail, Plans To Literally Send Dogecoin To The Moon

The analyst Adam Jonas said that SpaceX was “challenging any preconceived notion of what was possible and the timeframe possible, in terms of rockets, launch vehicles and supporting infrastructure”.

He added: “More than one client has told us if Elon Musk were to become the first trillionaire … it won’t be because of Tesla. Others have said SpaceX may eventually be the most highly valued company in the world – in any industry.”

Related Reading | SpaceX Has Bitcoin On Its Balance Sheet, Elon Musk

Jonas estimates that the privately-held SpaceX, valued at $100bn this month, could be worth $200bn and even more. It is presently the world’s second-biggest privately held company, after the internet firm ByteDance. The SpaceX founder owns roughly 48% of the company.

It remains to be seen if these predictions about the Tesla CEO will come to pass.

Featured image by The World Financial Review, Chart From TradingView.com

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Total Cryptocurrency Market Cap Value Surges Across $1.9 Trillion Setting A New Record

The bullish trend in the cryptocurrency market is tolling a remarkable route in the month of August. For the first time since May, the industry is recording a total market cap that is almost $2 trillion.

The data from CoinGecko, a crypto data aggregator, indicates that the total crypto market value crosses $1.9 trillion a few days ago. This was after the market hit the mark since May 18.

Related Reading | Coinbase Removes USD Coin (USDC)” Backed By Dollar” Statement

From July 19, the entire crypto market experienced a considerable surge that pushes the total market value to about $700 billion. Nevertheless, the market is yet to attain its all-time high as of May 11. The value shows a deficit of about $700 billion from its peak of $2.5 trillion.

Other Cryptocurrency Assets Reacting To The New Market Trend

In the recent recovery trend in the industry, prominent digital assets such as Bitcoin (BTC) and Ether (ETH) are not left out. As a result, these cryptocurrencies have explored their mid-May market cap levels again.

As of Monday, Bitcoin records a market value of over $860 billion. CoinGecko reveals that it’s the first time since May 16 for BTC to hit such a limit. The cryptocurrency experienced a main sell-off earlier in the year. This was after Bitcoin became a $1 trillion asset.

However, the sell-off triggered the plummeting of the market cap to $560 billion by July 20. The recent rebounce of the BTC price over $45,000 brought over a 53% increase to its market value.

Similarly, the global second-largest digital asset by market cap, Ether, is not left out. The cryptocurrency accrued more gains in July since the bear market. The asset had almost an 81% increase from its July 20th value of  $204 billion to $369 billion.

After an incredible last week, the crypto market has taken a slight dip | Source: Crypto Total Market Cap on TradingView.com

On Thursday, the digital asset passed through a prominent network upgrade. The Ether price moved by 50% in response to the London hard fork. This displays investors’ anticipation of getting solutions to Ethereum’s high transaction fees through the upgrade.

Though the crypto market experienced a recent positive turning, some key cryptocurrencies somersaulted in their market cap value.

For instance, Binance USD (BUSD), a top-ranking stablecoin by market value after Tether (USDT) and USD Coin (USDC), had a drop.

 

Total cryptocurrency market cap 90-day chart

As listed on Thursday, BUSD couldn’t make it among the top 10 most-valued digital assets. UNI, Uniswap’s governance token, dethroned BUSD from the list. This left BUSD as the 11th-largest cryptocurrency with a market cap of $12 billion.

Related Reading | Lionel Messi To Get Paid In Crypto For Joining Paris Saint Germain

Recall that this recent growth trend in crypto market value occurs after Elon Musk, the CEO of Tesla, revealed debt to Bitcoin. Musk mentioned on July 22 that SpaceX, his aerospace firm, is indebted to Bitcoin. Furthermore, he announced Tesla’s plan to recommence its acceptance of crypto payments for purchases.

Musk explains that this decision was due to the remarkable drop in the percentage of fossil fuel used for Bitcoin mining. It alleged that the previous decision of the CEO in suspending BTC payment to his company was the main contributory factor to the May Bitcoin’s price crash.

Featured image from Pixabay, chart from TradingView.com

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SpaceX Has Bitcoin On Its Balance Sheet, Elon Musk

Elon Musk has revealed that Space X, his rocket company, owns and continues to hold bitcoin. Musk was on The B Word conference to talk about bitcoin and other cryptocurrencies, alongside well-known personalities in the crypto space like Twitter CEO Jack Dorsey, and CEO of Ark Invest Cathie Wood.

The trio was also joined by Steve Lee, who is the Lead for Square Crypto, which is an arm of Square dedicated to digital currencies. The panelists are all BTC investors, with Jack Dorsey and Elon Musk confirming that they both personally own the digital asset.

Related Reading | Make It Rain Satoshis: Las Vegas Strip Club Starts Accepting Bitcoin Payments

Cathie Wood’s Ark Invest has continued to pour more money into firms involved in the crypto space. Ark Invest was one of the first to invest in Coinbase when the crypto exchange had gone public, with approximately $1B already invested in the company by Ark Invest. Also owning about 7 million shares in the Grayscale Bitcoin Trust.

Significant Bitcoin Holdings

Talking further about his holdings in crypto, Musk explained that the only significant holdings he possessed besides Tesla and SpaceX happened to be bitcoin. Confirming that the rocket company SpaceX held bitcoins, Musk said that the company is not selling the digital asset anytime soon.

Related Reading | Billionaire Tim Draper Is Unfazed By Market Downtrend, Doubles Down On $250,000 Bitcoin Price Target

While it was public knowledge that Tesla held the digital asset after it had started receiving payments in the asset for its electric cars earlier in the year, there had been no confirmation if the billionaire’s other company SpaceX held any of the digital assets.

Speculations continued in the market that SpaceX had indeed bought into the digital asset after Tesla. Now, Musk has confirmed that this is true, that the spaceship company did in fact hold the crypto on its balance sheet.

Tesla Might Resume Accepting Bitcoin Payments

Back in April, electric automaker, Tesla had confirmed in an SEC filing that the company had indeed bought $1.5 billion worth of bitcoin which is held on its balance sheet. Not too long after this, the automaker announced that it had started accepting payments in the digital asset for its electric vehicles.

The market reaction to this news was immense as the price of the asset rose quickly in response to this announcement. But then at the beginning of March, the company retracted this payment option, citing the environmental impact of mining as being the reason it would no longer accept payments in the digital asset.

Related Reading | Cathie Wood’s Ark Invest Sinks Another $10.8 Million Into Grayscale’s Bitcoin Trust

Talking about this decision and if there was any chance of Tesla going back to accepting bitcoin payments, Musk explained that the company would most likely resume accepting the digital asset as a method of payment. But that a little more due diligence is required in order to confirm that the energy usage of bitcoin mining was at least 50% renewable.

Although Musk has now confirmed that SpaceX holds the digital asset, the billionaire did not disclose how much of the digital asset the rocket ship company currently holds on its balance sheet.

Bitcoin price chart from TradingView.com

BTC currently trading at above $31,000 | Source: BTCUSD on TradingView.com