U.Today – Chain analytics platform Arkham Intelligence recently revealed the combined holdings of Elon Musk’s companies, Tesla (NASDAQ:) and SpaceX. The disclosure comes amid growing momentum in the price of Bitcoin (BTC) following a 50 basis point interest rate cut by the US Federal Reserve earlier this month.
Elon Musk’s Tesla and SpaceX Bitcoin shares
According to Arkham, Tesla and SpaceX currently have $1.30 billion worth of Bitcoin in their reserves. This vast stash of Bitcoin indicates Elon Musk’s bullish stance towards the leading digital asset. $1.3 is equivalent to approximately 19,788 BTC coins at the current Bitcoin market price.
Arkham’s findings suggest that Tesla’s Bitcoin holdings have exceeded the previously reported figure. Arkham reported that Tesla held $780 million worth of BTC in March. The data also shows that SpaceX has a sizeable Bitcoin treasure chest worth approximately $560 million.
Tesla’s entry into Bitcoin began in February 2021, when the company purchased $1.5 billion. The company said the Bitcoin purchase was intended to aid further diversify and maximize returns on cash. Tesla also said it would begin accepting Bitcoin payments in exchange for its products, subject to applicable regulations.
Elon Musk also revealed SpaceX’s 2021 Bitcoin holdings during “The B Word” web conference. “I own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin,” Musk said.
The current state of the Bitcoin market
Bitcoin rose to an intraday high of $66,439 on Friday, according to CoinGecko. Since then, Bitcoin has lost some gains. However, the positive sentiment persists and the coin price has stabilized at $65,000.
At the time of publication, BTC was trading at $65,765, up 0.36% over the past day and 4.4% over the past week. However, 24-hour trading volume saw its outlook deteriorate, recording a decline of 33%.
Nevertheless, Bitcoin is currently on track to have its best September despite expectations for a bad month.
