U.Today – Elon Musk’s Bitcoin Holdings

On-chain data analytics platform Arkham Intelligence recently disclosed the combined Bitcoin holdings owned by Elon Musk’s firms, Tesla (NASDAQ:TSLA) and SpaceX. This comes amid rising momentum in the price of Bitcoin (BTC) following the 50 basis points rate cut 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 previous reports. Previously, Tesla was recorded to hold $780 million worth of BTC in March. The data shows that SpaceX also possesses a sizable Bitcoin treasure valued at approximately $560 million.

Tesla’s foray into Bitcoin began in February 2021 when the firm bought $1.5 billion. The firm stated that this purchase was to further diversify and maximize returns on its cash. Tesla announced it would start accepting payments in Bitcoin for its products as permitted by law.

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

Current State of Bitcoin Market

Bitcoin surged to an intraday high of $66,439 on Friday, according to CoinGecko, but has since shed some gains. Positive sentiments remain with the coin stabilized around the $65,000 range.

At press time, the BTC price was $65,765, showing an increase of 0.36% in the past day and 4.4% over the last week. However, the 24-hour trading volume has seen a decline of 33%.

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

This article was originally published on U.Today