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SpaceX’s Bitcoin Holdings Cross $1 Billion as Prices Hit New Record
SpaceX holds 8,285 BTC worth $1.02B, unchanged since June 2022, according to Arkham Intelligence blockchain data.
Bitcoin’s price hit $124,300, pushing its market cap to $2.452T, overtaking Google as the fifth largest global asset.
SpaceX reduced its Bitcoin stash by 70% in 2022 after market shocks from Terra Luna’s collapse and FTX’s bankruptcy.
SpaceX’s Bitcoin reserves have once again surpassed $1 billion, according to blockchain data from Arkham Intelligence. The aerospace firm, led by Elon Musk, currently holds 8,285 BTC, valued at approximately $1.02 billion
The company first purchased Bitcoin on December 31, 2020, and made its last acquisition on June 10, 2022. Since then, it has retained its current holdings without further purchases. This latest valuation follows a notable price surge in the crypto market, with Bitcoin breaking past its previous all time high on Wednesday.
Price Surge Lifts Bitcoin Valuation and Rankings
Bitcoin price rose by 3.17% in the last 24 hours, reaching $123,117, after briefly exceeding $124,300 earlier in the day. This increase pushed its market cap to $2.452 trillion, overtaking Google $2.448 trillion, making it the world fifth largest asset
The rally extended beyond Bitcoin, as ether and other cryptocurrencies also recorded gains. According to Paul Howard, senior director at crypto market maker Wincent, the market reacted positively to July’s Consumer Price Index holding steady at 2.7%, contrary to expectations of a slight increase. This data reinforced speculation over a potential U.S. interest rate cut in September.
SpaceX’s Bitcoin History and Reductions
Arkham’s data indicates that this is not SpaceX’s first time holding more than $1 billion in Bitcoin. In April 2021, the company's BTC stash was 28,000 coins, then valued at $1.8 billion.
However, the holdings were reduced by roughly 70% in mid 2022 to their present amount. The reduction came during a chaotic period in the crypto market, with the Terra Luna collapse occurring in May and the FTX bankruptcy in November.
The subsequent chain reaction across the sector impacted liquidity and prices, prompting major asset reductions by multiple firms.
Tesla’s Position and Market Comparisons
SpaceX’s activity resembles similar moves from Tesla, which also sold off a large portion of its Bitcoin holdings in 2022. Tesla currently holds 11,509 BTC, with an estimated value of $1.42 billion based on current market prices
Both companies have maintained their positions after 2022 without additional purchases, according to Arkham data. The timing of the asset dips coincided with the broader commotion in the digital assets market, indicating the influence of upper-level market activity on business crypto policy.
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