Arkham Intelligence, an on-chain data analytics platform, has disclosed that the combined Bitcoin holdings of Elon Musk’s businesses, Tesla, and SpaceX total a staggering $1.3 billion.
The U.S. Federal Reserve’s 50 basis point rate drop earlier this month has driven a period of notable momentum for Bitcoin (BTC). Arkham claims that while SpaceX had accumulated $560 million, Tesla owns $780 million worth of Bitcoin.
Bitcoin Market Expansion
This equates to around 19,788 BTC coins at current market values taken together, highlighting Elon Musk’s ongoing positive view of the world’s top cryptocurrency. First joining the BTC market in February 2021, Tesla made news with a $1.5 billion purchase of the digital commodity.
The electric vehicle behemoth mentioned the need to diversify its business and maximize cash reserves as key justifications for the change.Environmental issues eventually halted this effort, but Tesla also briefly explored accepting BTC as payment for its goods.
Musk’s fervor for Bitcoin extends beyond Tesla. Further underscoring Musk’s personal and business dedication to the digital currency, Musk publicly revealed at “The B Word” conference that his space exploration company, SpaceX, also has BTC in reserves.
Driven by market euphoria, Bitcoin has shot to a fresh intraday high of $66,439. Although the price has since dropped to approximately $65,655, the cryptocurrency is on track to end September as one of its best-performing months in recent memory.
BTC has risen 4.4% over the past week, indicating great investor confidence even if 24-hour trading volume dropped by 33%.
