Fresh On-Chain Data Shows Elon Musk’s Firms Hold $1.34B in BTC

On-chain data has revealed that companies owned by tech billionaire Elon Musk hold a whopping $1.34 billion worth of bitcoin (BTC).

Tesla and SpaceX Hold $1.3B in Bitcoin

According to Arkham, a blockchain intelligence platform, Tesla currently holds 11.5k BTC ($780M) across 68 addresses, and SpaceX holds approximately 8.29k BTC ($560M) across 28 addresses. 

Electric car company Tesla  is the largest holder of BTC among Musk’s firms. Tesla announced its decision to invest in bitcoin in January 2021 and the company purchased $1.5B worth of the asset at the time.

The firm also announced that it would accept bitcoin payments for its products.

However, Tesla later suspended the bitcoin payment option and sold $272M and $936M worth of BTC in Q1 2021 and in Q2 2022 respectively due to environmental concerns.

Elon Musk Loves Dogecoin

Musk believes Bitcoin is not friendly to the climate as the network still largely depends on fossil energy to run. Nonetheless, the billionaire promised that his companies would resume their bitcoin activities when the protocol starts using 50% renewable energy for its operations.

Meanwhile, Elon Musk’s  tweets and public statements have often influenced the prices of digital assets, and he particularly favors popular memecoin Dogecoin (DOGE), thus earning him the title “Doge Father.”

In 2021, Musk announced that Tesla would accept Dogecoin as payment for branded products. Shortly after the announcement, the price of the memecoin soared tremedounrly.  

“Tesla will make some merch buyable with Doge & see how it goes,” Musk tweeted.