Elon Musk’s proposed merger of SpaceX and Tesla has drawn heightened interest, not just for the integration of aerospace and electric vehicle technology, but for what it means in the world of corporate Bitcoin treasuries. If the two companies were to unite, their cumulative Bitcoin holdings would exceed 30,000 BTC, valued at approximately $2.5 billion based on recent market prices.
Potential merger would create a Bitcoin powerhouse
On SpaceX’s third-quarter earnings call, Musk confirmed that both companies’ boards have established special committees comprised of independent directors to evaluate a potential merger. He stressed that discussions remain preliminary, warning that predicting the deal as a certainty would be premature.
The merger prospect has quickly become a focal point for the cryptocurrency community, given each company’s sizable exposure to Bitcoin. Tesla, a global leader in electric vehicles with Musk as CEO, most recently reported a Bitcoin reserve of 11,509 BTC. SpaceX, the private aerospace manufacturer and satellite communications company led by Musk, revealed its own stash of 18,712 BTC in its S-1 filing prior to its June IPO announcement.
Together, the holdings would position the merged entity among the largest non-mining corporate Bitcoin holders globally. Only a few companies, such as MicroStrategy under Michael Saylor, would outrank Musk’s combined corporate portfolio in terms of Bitcoin reserves.
Mini dictionary: MicroStrategy is a publicly traded business intelligence company led by Michael Saylor, recognized for holding the largest Bitcoin treasury among public companies and for its active Bitcoin investment approach.
Tesla holds 11,509 BTC, and SpaceX owns 18,712 BTC, combining for 30,221 BTC valued near $2.5 billion at the latest Bitcoin price of $83,000. The average cost across both companies is around $35,000 per Bitcoin, indicating a total cost basis of approximately $1 billion.
SpaceX Bitcoin activity draws attention
The most significant discovery stems from SpaceX’s Bitcoin holdings. The company’s 18,712 Bitcoin were almost entirely obscured from public view until SpaceX’s IPO filing revealed the cache. This sum was more than double the estimate made by blockchain analysis firms, which had attributed far fewer coins to SpaceX’s wallets before the disclosure.
Recently, blockchain analytics firm Arkham Intelligence reported that SpaceX moved more than $133 million in Bitcoin on Friday. The company transferred 1,215 BTC to separate wallet addresses, including a shift of 300 BTC worth $33 million and 915 BTC valued at $100.7 million.
Arkham Intelligence highlighted that these recent transactions differed from earlier movements and indicated active internal treasury operations at SpaceX.
Despite this movement, neither SpaceX nor Tesla has signaled any intentions of increasing or selling their Bitcoin positions. SpaceX last made significant wallet transactions in prior years, while Tesla has reported no changes to its digital asset holdings through its latest quarter.
| Company | BTC Holdings | Estimated Value ($B) | Cost Basis ($B) | Average Buy Price |
|---|---|---|---|---|
| Tesla | 11,509 | ~$1.0 | ~$0.4 | $35,000 |
| SpaceX | 18,712 | ~$1.5 | ~$0.6 | $35,000 |
| Total | 30,221 | ~$2.5 | ~$1.0 | $35,000 |
No immediate changes to Bitcoin strategy
The discussions around a potential merger remain at an early stage, with the outcome still uncertain. For now, the combined crypto treasury is a hypothetical scenario dependent on the success of negotiations and regulatory approval.
Musk has acknowledged the complexities involved, and has indicated no immediate changes to either company’s stance on its Bitcoin assets. Both firms continue holding their positions, and have not announced any upcoming strategic moves regarding their Bitcoin reserves.
