Elon Musk's Companies Hold $1.30 Billion in Bitcoin

On-chain data analytics platform Arkham Intelligence recently disclosed the combined Bitcoin holdings owned by Elon Musk’s firms, Tesla (NASDAQ:TSLA) and SpaceX. The disclosure comes amid rising momentum in the price of Bitcoin (BTC) following the 50 basis points rate cut implemented by the U.S. Federal Reserve earlier this month.

Elon Musk's Tesla and SpaceX Bitcoin Holdings

According to Arkham, Tesla and SpaceX currently possess Bitcoin worth $1.30 billion in their reserves. This large Bitcoin stash indicates Elon Musk’s bullish stance on the leading digital asset. The $1.3 billion equates to approximately 19,788 BTC at Bitcoin's current market price.

Arkham's findings suggest that Tesla's Bitcoin holdings have exceeded the previously reported figure, which was $780 million in March. The data also shows SpaceX possesses a sizable Bitcoin treasure chest valued at approximately $560 million.

Tesla's foray into Bitcoin began in February 2021 when the firm bought $1.5 billion. The firm said the Bitcoin purchase was to help further diversify and maximize returns on its cash. Furthermore, Tesla announced plans to accept Bitcoin payments for its products, subject to applicable laws.

Elon Musk also revealed SpaceX’s Bitcoin holdings in 2021 at “The B Word” online conference, stating, “I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin.”

Current State of the Bitcoin Market

Bitcoin surged to an intraday high of $66,439 on Friday, per CoinGecko, although it has since shed some gains. Positive sentiments continue, with the coin now stabilized at the $65,000 price range. At press time, the BTC price was $65,765, up 0.36% in the past day and 4.4% in the past week. However, the 24-hour trading volume registered a tempered outlook, experiencing a 33% decline.

Despite expectations of a challenging month, Bitcoin is on course to secure its best September.

This article was originally published on U.Today