Tesla's Bitcoin Investment Nets $230M Profit Since ETF Introduction, SpaceX Gains $165M

Arkham Intelligence, a blockchain analytics platform, has claimed to successfully identify the Bitcoin addresses associated with the cryptocurrency holdings of Tesla and SpaceX. According to Arkham's findings, these addresses collectively hold 19,794 BTC, valued at over $1.3 billion based on current market prices.

Analysis of digital wallets associated with both Tesla and SpaceX, another venture spearheaded by Musk, unveiled a combined Bitcoin value exceeding $1 billion. Tesla's Bitcoin assets, valued at $760 million according to data from Arkham Intelligence, have surged by over $230 million in just three months.

The firm claims that its findings align with the financial statements provided by both companies. In particular, Arkham points out that Tesla's purchase of $1.5 billion worth of BTC in January 2021 corresponds to the observed on-chain transactions. Additionally, Tesla's reported sales of BTC in Q1 2021 ($272 million) and Q2 2022 ($936 million) are consistent with the data identified by Arkham.

While SpaceX CEO Elon Musk had previously mentioned the company's ownership of Bitcoin during a 2021 event, the exact amount held was undisclosed due to the firm's private status. However, Musk had revealed during the same event that Tesla had added $1.5 billion worth of Bitcoin to its balance sheet.

Similarly, SpaceX, Musk's aerospace company, has reaped significant profits, totaling over $165 million, following the introduction of BTC spot ETFs in January. With Bitcoin prices surging since November, SpaceX's Bitcoin investments have rebounded, boasting a current profit of $132 million.

Arkham's identification of the Bitcoin addresses associated with Tesla and SpaceX sheds light on the cryptocurrency holdings of these prominent companies and provides further insight into their involvement in the digital asset space.