A merger between SpaceX and Tesla, if it moves forward, would bring the two companies’ Bitcoin holdings onto a single balance sheet and create a corporate treasury worth roughly $2.5 billion.
Speaking on SpaceX’s third-quarter earnings call Tuesday, Elon Musk said the boards of both companies had formed special committees of independent directors to evaluate a possible tie-up. He also said treating a deal as "a certainty" would be "overstating it."
Combined holdings would total 30,221 BTC
Tesla reported 11,509 BTC in its most recent quarterly filing. SpaceX disclosed 18,712 BTC in the S-1 it filed ahead of its June IPO. Together, the two companies hold 30,221 BTC, worth about $2.5 billion at Bitcoin’s recent price near $83,000.
As Decrypt previously reported when the merger idea first emerged, combining the two companies would place one of the largest non-mining corporate Bitcoin positions under Musk’s control. The merged company would rank among the top public corporate holders, behind Michael Saylor’s Strategy and a small number of others.
SpaceX’s Bitcoin position drew particular attention
The more notable piece is SpaceX. Its 18,712 BTC was effectively hidden from public markets until the company filed for its IPO, meaning a sizable Bitcoin treasury had accumulated inside a private company for years before it became visible in public disclosures.
According to the report, that figure was more than double the amount previously attributed to SpaceX-linked wallets by blockchain trackers. Across both companies, the combined cost basis is around $1 billion, implying an average purchase price near $35,000 per Bitcoin.
No sign of buying or selling plans
A merger would not change anything about Bitcoin itself, and neither company has signaled plans to buy or sell. Both have kept their positions unchanged. The report said SpaceX last moved coins in prior years, while Tesla has reported no change in its holdings.
What would change is governance and accounting. One of the most closely watched corporate Bitcoin stockpiles would sit inside a single public company, subject to quarterly disclosures and fair-value accounting rules. Decrypt noted that Tesla had previously booked a loss under that accounting treatment when Bitcoin fell.
Still an exploratory transaction
For now, the treasury math remains hypothetical because it depends on a transaction that is still in the exploratory stage. Even so, the report highlights that a Musk-led mega-merger would also produce a major Bitcoin-holding company almost as a side effect.