DeutschElon Musk remains relevant for the crypto market. Not only because of his statements on Bitcoin, Dogecoin, or digital payments, but also because of his companies’ actual Bitcoin holdings. Recent reports now show: SpaceX apparently holds significantly more Bitcoin than previously publicly assumed.
According to various media, an IPO filing from SpaceX indicates that the aerospace company owns 18,712 Bitcoin. The value of these holdings was approximately 1.45 billion US dollars, based on a Bitcoin price of more than 77,000 US dollars. SpaceX is said to have originally acquired these Bitcoins for around 661 million US dollars. This results in a calculated book profit of approximately 789 million US dollars.
This means SpaceX is not just an aerospace company with Starlink, rocket launches, and Mars ambitions. The company is also one of the world’s significant private Bitcoin holders.
SpaceX Holds More Bitcoin Than Previously Assumed
The comparison with previous estimates is particularly interesting. In March 2024, Arkham Intelligence analyzed the alleged Bitcoin wallets of Tesla and SpaceX. At that time, Arkham estimated that SpaceX held around 8,290 BTC worth approximately 560 million US dollars. Tesla was valued at around 11,510 BTC, worth approximately 780 million US dollars. Arkham stated then that the identified on-chain movements matched the financial data of Tesla and SpaceX.
Here is an overview of the news at the time regarding Tesla and Bitcoin
The now reported 18,712 BTC is significantly higher than this earlier estimate. This is relevant because SpaceX, as a private company, has been less transparent than Tesla until now. While Tesla, as a publicly traded company, regularly publishes SEC filings, SpaceX’s exact Bitcoin holdings were long harder to assess.
If the information from the IPO filing is correct, SpaceX would therefore be much more heavily invested in Bitcoin than previously thought.
Tesla Was the Former Bitcoin Star Among Musk’s Companies
The comparison with Tesla shows how much the roles within Musk’s corporate world have shifted. In 2021, Tesla was one of the first major publicly traded companies to prominently add Bitcoin to its balance sheet.
In February 2021, it was announced that Tesla had invested 1.5 billion US dollars in Bitcoin. The company stated at the time that it wanted to diversify its liquidity more flexibly and potentially achieve higher returns on cash holdings.
CoinPro also covered the topic multiple times back then. Among other things, it covered Tesla’s Bitcoin payment plans, the subsequent abandonment of Bitcoin payments, and the question of what influence Elon Musk still has on the Bitcoin market. For example, a CoinPro article explained that Tesla later sold about 75 percent of its Bitcoin holdings to strengthen its balance sheet.
Tesla Sold 75 Percent of Its Bitcoin
The big break came in the second quarter of 2022. Tesla sold approximately 75 percent of its Bitcoin holdings, generating 936 million US dollars. CoinDesk reported at the time that Tesla held approximately 42,000 BTC before the sale. The sale of 75 percent thus corresponded to an average selling price of about 29,000 US dollars per Bitcoin.
Tesla justified the conversion to fiat at the time with additional liquidity for the balance sheet. According to Yahoo Finance, the company stated that the sales brought 936 million US dollars in cash to the balance sheet. After the sale, Tesla’s digital assets were only around 218 million US dollars, down from approximately 1.2 billion US dollars previously.
In retrospect, the sale was unfortunate from a Bitcoin perspective. At significantly higher Bitcoin prices, the coins sold back then would be worth many times more today. Precisely this point makes the comparison with SpaceX particularly interesting now: While Tesla has significantly reduced its position, SpaceX appears to have built up or maintained a much larger Bitcoin position.
SpaceX Clearly Overtakes Tesla in Bitcoin
According to current figures, SpaceX is significantly ahead of Tesla. SpaceX is reported to hold 18,712 BTC. According to the same report, Tesla holds more than 11,000 BTC, valued at just under 900 million US dollars.
Arkham had also estimated Tesla at around 11,510 BTC in 2024. This magnitude thus aligns with the current figures.
The ratio is clear: SpaceX holds about 7,000 Bitcoin more than Tesla. Measured by Bitcoin value, SpaceX is thus apparently the larger Bitcoin player within Musk’s companies.
For the market, this is remarkable because Tesla was long considered the most well-known Musk company with a Bitcoin connection. Now it turns out that SpaceX may have the more significant Bitcoin balance sheet.
Why Bitcoin Could Be Relevant for SpaceX
SpaceX is not a traditional financial company. The company earns money from rocket launches, satellite internet via Starlink, and government contracts. Nevertheless, Bitcoin can play a strategic role for such a company.
Bitcoin can serve as a long-term reserve asset. Companies that believe in long-term value appreciation can hold a portion of their balance sheet in Bitcoin, instead of relying exclusively on cash or traditional money market instruments. Tesla prominently championed this narrative in 2021.
For SpaceX, another point is added: the company is highly growth-oriented and capital-intensive. Rocket development, Starlink expansion, and potential Mars projects require enormous resources. A large Bitcoin holding can strengthen the balance sheet when prices rise. At the same time, it also increases volatility.
Bitcoin Remains a Double-Edged Sword for Companies
The SpaceX figures once again show why Bitcoin fascinates, but also polarizes, in corporate balance sheets. When prices rise, enormous book profits can be generated. Conversely, falling prices threaten high write-downs or valuation losses.
Tesla has experienced this dynamic multiple times. The group initially benefited greatly from its early Bitcoin entry, but then reduced large parts of the position. SpaceX, on the other hand, appears to hold a significantly larger stake and is therefore likely to be more affected by future Bitcoin movements.
For investors: corporate Bitcoin is no longer just a marketing topic. When billions are held in BTC, it can impact the balance sheet, valuation, and risk profile.
What Does This Mean for Bitcoin?
The SpaceX holdings are still significantly smaller compared to Strategy. Strategy holds more than 843,000 BTC, valued at over 64 billion US dollars, remaining by far the most important publicly traded corporate holder.
Nevertheless, the SpaceX announcement is relevant. It shows that Bitcoin is not only entering the institutional market via ETFs and financial products, but continues to appear directly on corporate balance sheets.
Moreover, Elon Musk continues to have a special signaling effect, despite changing public statements on Bitcoin and Dogecoin. If two of his most important companies hold significant Bitcoin reserves, it strengthens the perception of Bitcoin as a strategic asset.
Worth reading: Bitcoin as Treasury
Conclusion: SpaceX is the Larger Bitcoin Player in Musk’s Empire
The new figures change the perspective on Elon Musk’s Bitcoin involvement. While Tesla was the company that catapulted Bitcoin into the mainstream in 2021. Today, however, SpaceX appears to hold the larger Bitcoin position.
With 18,712 BTC valued at approximately 1.45 billion US dollars, SpaceX is significantly ahead of Tesla. At the same time, the comparison with Tesla’s earlier sale of 75 percent of its holdings shows how differently Musk’s companies apparently handle Bitcoin. Tesla reduced the position to strengthen its balance sheet. SpaceX, on the other hand, seems to continue to rely on a large Bitcoin reserve.
For the crypto market, this is an important signal: Bitcoin remains not just an ETF or trading topic. Large technology and aerospace companies apparently continue to use BTC as a strategic component of their balance sheets.
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