Crypto analytics firm Arkham has announced that it identified the Bitcoin holdings of Elon Musk's companies, Tesla and SpaceX, through on-chain analysis. According to the firm, Tesla currently holds 11,509 BTC (approximately $780 million) across 68 addresses, while SpaceX holds 8,285 BTC (approximately $560 million) across 28 addresses. Arkham claims to be the first to publicly disclose these on-chain holdings.
On-Chain Data Aligns with Financial Statements
Posting on social platform X, Arkham stated: "The on-chain fund flows we’ve identified match financial statements from Tesla and SpaceX." The firm detailed that Tesla purchased $1.5 billion worth of Bitcoin in January 2021, followed by two sell-offs: $272 million in Q1 2021 and $936 million in Q2 2022. Transactional data also confirmed that Tesla accepted Bitcoin for vehicle purchases between March 24 and May 12, 2021.
As of Q4 2023, Tesla's digital asset holdings remained unchanged at $184 million, consisting primarily of Bitcoin and a negligible amount of Dogecoin (DOGE) for select merchandise.
SpaceX's Bitcoin Holdings
Arkham also identified SpaceX's Bitcoin holdings. In January 2024, Elon Musk revealed that SpaceX owns "a bunch of Bitcoin." Musk personally holds Bitcoin, Ether, and Dogecoin, but stated in December 2023 that he does not spend much time thinking about cryptocurrency. He also clarified in November 2023 that none of his companies will ever create a crypto token.
The on-chain analysis provides greater transparency into institutional Bitcoin holdings. Neither Tesla nor SpaceX has publicly commented on Arkham's findings.