According to Arkham Intelligence, both Tesla and SpaceX, companies owned by Elon Musk, have on-chain Bitcoin addresses. In a social media post on Mar. 7, Arkham revealed that Tesla holds 11,510 BTC, worth $780 million, distributed across 68 addresses. Similarly, SpaceX owns 8,290 BTC, valued at $560 million, spread across 28 addresses.
Arkham also noted that the movements of these funds on the blockchain align with the financial declarations of both companies. This includes Tesla’s purchase of $1.5 billion worth of BTC in January 2021, as well as two instances of BTC sales: $272 million in the first quarter of 2021 and $936 million in the second quarter of 2022.
The blockchain analytical firm also highlighted a Tesla Intel Exchange Bounty that revealed a purchase of a Tesla car linked to the cluster of Tesla’s BTC holdings. This adds to Arkham’s previous success in identifying on-chain addresses of various BTC exchange-traded funds (ETFs) in the United States, as well as entities such as Grayscale Bitcoin Trust (GBTC) and the popular crypto trading platform Robinhood.
Tesla made a significant entrance into the crypto space with its $1.5 billion BTC acquisition in 2021. While the company has since sold some of its holdings, it still holds a substantial amount. According to data from Bitcoin Treasuries, Tesla currently holds over 9,720 BTC, making it the third-largest public holder of Bitcoin, behind MicroStrategy and Marathon.
Interestingly, Tesla’s public disclosures have not mentioned any changes to its BTC holdings. Even the latest earnings report from January did not mention the cryptocurrency. On the other hand, information on SpaceX’s BTC holdings is not as transparent since the company is not publicly traded. However, reports suggest that SpaceX has sold off a portion of its $373 million BTC holdings between 2021 and 2022.
In conclusion, Arkham Intelligence has successfully identified the on-chain Bitcoin addresses of Elon Musk’s companies, Tesla and SpaceX, adding to their track record of identifying addresses linked to significant entities in the crypto space.