Here’s How Much Bitcoin (BTC) Elon Musk’s Tesla and SpaceX Currently Holds

On-chain data analytics platform Arkham Intelligence has recently revealed the total Bitcoin holdings of Elon Musk’s companies, Tesla and SpaceX. This announcement comes at a time when Bitcoin’s price has been gaining momentum, following a 50 basis points rate cut by the U.S. Federal Reserve earlier this month.

### Elon Musk’s Tesla and SpaceX Bitcoin Holdings

Arkham reports that Tesla and SpaceX collectively hold Bitcoin valued at approximately $1.30 billion. This significant amount corresponds to around 19,788 BTC at the current market price, underscoring Musk’s optimistic outlook on the cryptocurrency. The findings indicate that Tesla’s Bitcoin reserves have grown beyond earlier estimates; in March, it was reported that Tesla owned BTC worth around $780 million, while SpaceX’s holdings are estimated at about $560 million.

Tesla’s investment in Bitcoin began in February 2021 with a purchase of $1.5 billion, aimed at diversifying its assets and enhancing cash returns. The company also announced plans to accept Bitcoin payments for its products, in compliance with relevant laws.

In 2021, during “The B Word” online conference, Musk confirmed SpaceX’s Bitcoin ownership, stating, “I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin.”

### Current State of the Bitcoin Market

Recently, Bitcoin reached an intraday high of $66,439. While it has since retraced some of those gains, it remains stable around the $65,000 mark. As of the latest update, the price of Bitcoin is $65,765, reflecting a 0.36% increase in the last day and a gain of 4.4% over the past week. However, trading volume has dropped by 33% in the last 24 hours.

Despite initial expectations for a sluggish September, Bitcoin appears on track to achieve its best performance for the month yet.