On-chain data analysis platform Arkham Intelligence recently disclosed the total amount of Bitcoin held by Musk's companies Tesla and SpaceX.
The disclosure comes as Bitcoin prices are gaining momentum after the Federal Reserve cut interest rates by 50 basis points earlier this month.
Musk's Tesla and SpaceX Bitcoin Holdings According to Arkham, Tesla and SpaceX currently hold $1.3 billion worth of Bitcoin reserves. Such a large Bitcoin reserve indicates Elon Musk's bullish stance on this leading digital asset. At the current market price of Bitcoin, $1.3 is equivalent to about 19,788 BTC coins.
Elon Musk's companies Tesla and SpaceX together own $1.3 billion worth of Bitcoin. Arkham's findings show that Tesla's Bitcoin holdings have exceeded previously reported figures. Arkham reported that Tesla held $780 million worth of BTC in March. The data also showed that SpaceX has a large Bitcoin treasury worth about $560 million. Tesla's foray into the Bitcoin market began in February 2021, when the company purchased $1.5 billion worth of Bitcoin.
The company said it bought Bitcoin to further diversify its cash and maximize its cash returns. Tesla also said it would begin accepting Bitcoin as payment for its products, subject to applicable laws. Musk also revealed SpaceX's Bitcoin holdings at the 2021 "The B Word" online conference.
Musk said: "I do hold Bitcoin, Tesla holds Bitcoin, SpaceX holds Bitcoin."
