KEY POINTS
- SpaceX has been holding on to over 8,000 BTC since June 2022, Arkham data showed
- The company didn't sell even during the crypto winter triggered by FTX's collapse
- It also held on to its Bitcoin stash during last month's massive crypto market crash
Elon Musk recently acknowledged that there is "some merit" in Bitcoin, the world's top digital asset by market value, and it appears he has reaffirmed his belief through some of his companies, specifically SpaceX and Tesla, as both firms have been found to hold bitcoins for more than two years.
Leading blockchain analytics firm Arkham Intelligence has been tracking the activity of a digital wallet it said is owned by spacecraft manufacturer SpaceX. As of early Monday, the wallet holds over 8,000 Bitcoins worth some $484.1 million. When BTC climbed above $60,000 Saturday, the wallet's value passed $500 million.
🚨 Elon's @SpaceX holds 8,285 Bitcoin worth $0.5 Billion 👇 pic.twitter.com/3aOWAiMM8n
— HODL15Capital 🇺🇸 (@HODL15Capital) September 14, 2024
SpaceX HODLs
Digging deeper into Arkham's data about the SpaceX-linked wallet, it can be seen that the last withdrawal was made two years back, on June 10, 2022, when the wallet sent over 1,000 BTC to a Coinbase account. Since then, the wallet has not made any withdrawals and "HODLed" its Bitcoin stash.
Since the last withdrawal was made in June 2022, it means SpaceX has been held on to its Bitcoins even through the significant slumps that the crypto market experienced in the past two years.
Two Years of Ups and Downs, But SpaceX HODLs
In November 2022, the high and mighty crypto exchange FTX collapsed. Earlier that year, Sam Bankman-Fried's FTX was worth a staggering $32 billion. The exchange's demise triggered a crypto market winter and massive sell-offs that sent BTC prices plunging. However, SpaceX didn't sell.
As Bitcoin and the broader crypto market gradually recovered from the aftermath of the FTX-triggered market crash, BTC suddenly plunged in mid-August last year. Before then, the past few weeks were "boring," but there were already bearish sentiments among some traders.
The bearish bets on Bitcoin were preceded by a lawsuit by the U.S. Securities and Exchange Commission (SEC) against Binance in June, wherein the regulator accused the exchange titan of offering unregistered securities. Amid the crypto bloodbath in the months following the lawsuit, SpaceX held on to its Bitcoins.
Earlier last month, the crypto market crumbled once more as affected by a broader global financial market crash. Bitcoin and many other top digital coins, including Ethereum (ETH), went on a downhill during a weekend bloodbath that resulted in hundreds of millions in liquidations. Even then, SpaceX held on.
Tesla HODLs Too
SpaceX isn't the only company Musk leads that has been holding its Bitcoins dear even through market downturns. Arkham also tracks a wallet it said is owned by electric vehicle giant Tesla.
As of Sunday night, the wallet holds over 11,000 BTC worth some $673.8 million based on current prices. The said wallet also had no activity since June 2022, the last transaction being a purchase of more than 1,000 Bitcoins.
Arkham was first to publicly identify the BTC holdings of both SpaceX and Tesla.
