SpaceX Holds 8,285 Bitcoin in Reserve, Showcasing Long-Term Confidence in the Cryptocurrency

SpaceX, led by Elon Musk, holds 8,285 Bitcoin valued at $471.48 million, per Arkham Intelligence. The company has retained its crypto assets for over two years

SpaceX, headed by Elon Musk, has 8,285 Bitcoin in its holdings, valued at $471.48 million, according to Arkham Intelligence. The company has held onto its crypto assets for over two years, highlighting its long-term belief in Bitcoin.

SpaceX's Ambitions Highlighted by Bitcoin Holdings

On September 10, Arkham noted that SpaceX's ambitions are set to achieve historical significance with its Polaris Dawn mission today.

The aerospace company has around $500 million in Bitcoin stored in one wallet, according to the blockchain data firm. This indicates that these corporations are optimistic about Bitcoin, space exploration, and automotive technology.

SpaceX has 8.285K BTC valued at $471.48M, according to Arkham's statistics. The company has not sold any Bitcoin in the past two years. A large transaction of 1,26,000 BTC was sent to the cryptocurrency exchange Coinbase on June 10, 2022.

Tesla, SpaceX Have Over $1B in Bitcoin in Reserves

Elon Musk's Tesla and SpaceX reportedly have around 19,800 BTC, valued at over $1 billion, in several wallets. Musk is a known Dogecoin fan.

According to Arkham Intelligence, the reserve is spread across multiple wallets, with SpaceX having around 8,300 tokens across 28 wallets and Tesla having around 11,500 BTC across 68 addresses. This highlights the increasing stakes of large corporations in the cryptocurrency market.

Institutional Investors Push Bitcoin to $73K in Early 2024

The asset's price surged to over $73,000 in Q1 2024, before decreasing to its current levels. According to Coingape, institutional demand has been driving its price increase in recent years.

At its current price of $56,900, Bitcoin has gained around 3% in the past 24 hours. The lowest price for the day is $54,848 and the highest is $58,041. The trading volume has increased by 40% in the past 24 hours, indicating heightened interest from traders in the market.

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