December 8, 2024
at
12:00 am
EST
MIN READ
Elon Musk's Companies' BTC Now Over $2B
At time of writing, Elon Musk’s companies’ Bitcoin holdings are worth more than $2B after recent market movements pushed the cryptocurrency over the $100K level. Tesla holds 11,509 BTC while SpaceX holds 8,285 BTC, bringing their total to 19,794 BTC or $2.012B worth. On average, these Bitcoin holdings were acquired at a cost basis of $34,980 per coin, placing their current unrealized profit at more than $1.3B or approximately 190% in profit.
Tesla was one of the first major companies to adopt Bitcoin for payment in early 2021, alongside a decision to purchase almost $1.5B in BTC at the same time. The decision, however, was retracted not long later and in the depths of the 2022 bear market, Tesla sold 75% of their holdings in a loss in early 2023. This decision would cost them approximately ~$3B in missed profits. SpaceX’s BTC holdings showed a similar pattern, with initial purchases dating back to early 2021 and sales starting later in the year and deep into 2022.
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