Preface
In the development of cryptocurrency, the investment in Bitcoin by various large companies is an important milestone, and the most eye-catching one is of course Elon Musk. Tesla and SpaceX, led by him, have always been among the representatives of companies investing in Bitcoin.
As one of the world's largest electric vehicle manufacturers, and SpaceX as a pioneer in private space exploration, their investment in Bitcoin not only reflects corporate confidence in cryptocurrency assets, but also demonstrates the trend of combining traditional companies with emerging financial technologies. .
However, the investment process of these two companies in Bitcoin is full of drama: from the initial large-scale purchase of Bitcoin, to the suspension of accepting Bitcoin payments due to environmental issues, to various subsequent policy adjustments, every step affects the cryptocurrency market. nerves. This article will detail the time points at which Tesla and SpaceX bought and sold Bitcoin in chronological order to help readers gain a more comprehensive perspective on the chips.
Tesla and SpaceX’s current BTC holdings
Tesla Tesla Holdings
SpaceX Holdings
According to data from Arkham’s official website, as of 2024/10/21. Tesla Tesla holds a total of 11,509 BTC, while SpaceX holds 8,285 BTC.
But according to Tesla’s financial reports and reports filed with the SEC, it only shows that it holds 9,720 BTC. SpaceX has not yet been publicly listed and is considered a private company, so it has not released any data related to BTC holdings. The author can only use the Wall Street Journal report as a reference for speculation.
The entire history of Tesla’s BTC holdings
The picture above shows the entire history of Tesla’s holdings of BTC
Yellow box: Tesla wallet where buyer pays BTC
Red arrow with box: Tesla transfer BTC to Coinbase
2021
According to on-chain data, Tesla withdrew a total of 43,773.49 BTC from the Coinbase exchange from 2021/01/25 to 2021/01/31, with an average price of 32,130. Finally on 2021/02/08 Tesla announced that it had purchased BTC for $1,500,000,000. ( SEC Filing U.S. Securities and Exchange Commission Filings )
Price increased by 99.55% after withdrawing BTC from Coinbase exchange and announcing purchase of BTC
Elon Musk’s X also announced on 2021/03/24 that Tesla will accept Bitcoin as a payment method for purchasing Tesla. After the announcement, Tesla’s wallet received a total of 24.61 BTC (2021/03/24 to 03/29) and 50.68 BTC (2021/03/30 to 05/12) from different wallets and exchanges.
You can see from the picture above that the yellow frame stays at the time point of 2021/05/12. Because on 2021/05/12 Elon Musk announced via X that he would stop accepting Bitcoin as payment for Tesla purchases. (environmental factors)
According to on-chain data, Tesla transferred 5039.14 BTC to Coinbase on 2021/03/29, with an average price of 55,728. Then on 2021/04/27 Tesla announced its 2021 Q1 financial report, and Elon Musk announced at X that he would sell 10% of the Bitcoin held by Tesla to prove that Bitcoin can be used as a substitute for cash reserves. Liquidity is guaranteed.
Next, during the period from 2021/05/11, 2021/05/13 to 2021/05/24, Tesla transferred a total of 3,429.70 and 23,884.28 BTC to Coinbase. Finally, Tesla’s Q2 financial report on 2021/07/22 showed that approximately 75% of Tesla’s Bitcoin holdings had been sold.
The transfer of Tesla financial reports from 2021 Q1 and Q2 combined with on-chain data proves that Tesla indeed sold 75% of Bitcoin. These two sales saw BTC fall 53.74% from its highs, with the last price at $30,000.
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The full history of SpaceX holding BTC
Green arrow : SpaceX withdraws BTC from Coinbase
Red arrow: SpaceX transfers BTC to Coinbase
2021
According to on-chain data, from 2021/01/01 to 03. SpaceX raised 9,800, 3,349.97 and 1,981.91 BTC from Coinbase, with an average price of 29,508. Subsequently, the period from 2021/02/01 to 06. SpaceX once again raised 11,977 BTC from Coinbase at an average price of 37,138.
SpaceX gained 116.05% during these two periods after withdrawing BTC from Coinbase
Next, on 2021/05/17 SpaceX transferred 2,201 BTC to Coinbase for the first time. (Price fell 36.28%)(Average price 46,585)
Finally, on 2021/07/21 SpaceX once again withdrew 2.109 BTC from Coinbase. (Price increased by 79.50%)(Average price 30,094)
2022
From 2022/05/25 to 06/10, SpaceX transferred a total of 17,344 BTC to Coinbase. (Price fell 45.61%) (Average price 29,493)
Because SpaceX is a private company, we can only point out that SpaceX’s financial documents from 2021 to 2022. SpaceX’s balance sheet recorded holdings of BTC and sales of BTC worth $373 million in BTC, according to a reporter from the Wall Street Journal WSJ. To prove that the address is owned by SpaceX.
Tesla recent transfer
On 2024/10/15, Tesla transferred a total of 11,509 BTC to 7 new addresses. It should be noted that this transfer may only be an asset consolidation (wallet consolidation) or a large-scale transfer like two years ago to the Coinbase exchange.
Summarize
Tesla's BTC investment is relatively open and transparent, as it is a listed company and needs to submit reports to the SEC.
As a private company, SpaceX's investment behavior is relatively opaque, and it mainly relies on the Wall Street Journal and the chain as inference references.
The similar investment timing of the two companies shows that they have made the same decision, which is enough to affect market sentiment.
Overall, both companies started 2021 with heavy buying. On the eve of a crash, they will sell in advance and become another kind of smart money. Contains 519 crash, Luna and Ftx events.
It is necessary to pay attention to the recent follow-up of Tesla's BTC transfer to correspond to more market price changes.
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