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Arkham Intelligence, a company that specializes in analyzing the cryptocurrency market, said it has discovered bitcoin wallets belonging to Tesla and SpaceX.
Arkham claims it is the first site to publicly identify the bitcoin addresses of billionaire Elon Musk's huge companies.
Tesla and SpaceX store about $1.4 billion dollars in bitcoins
According to Arkham data, Tesla, a well-known electric car manufacturer, owns 11,510 BTC worth about $800 million. The bitcoins are spread across 68 different addresses.
SpaceX also owns 8,290 BTC worth $580 million. These bitcoins are spread across 28 addresses.
So Musk's two companies together own 19,800 BTC worth nearly $1.4 billion dollars.
Arkham says it found these addresses because so-called transactions on the bitcoin blockchain chain match the financial statements of Tesla and SpaceX.
Elon Musk's changing attitude toward bitcoin
A few years ago, Tesla participated in the bitcoin boom. In January 2021, the company bought $1.5 billion worth of BTC.
It also announced that it would henceforth accept bitcoins as payment for its electric cars. Subsequently, the BTC exchange rate rose strongly and surpassed the $60,000 mark for the first time in history.
Tesla could be bought with BTC between March 24 and May 12, 2021. Then the company suddenly stopped accepting bitcoins as currency.
The cryptocurrency market was angry at Musk. Many investors accused him of manipulation. However, Tesla's announcement coincided with another piece of bad news: a ban on mining in China.
Later that year, a $272 million bitcoin sale followed. In 2022, Tesla sold another $936 million worth of bitcoins.
Since then, however, there has been an unusual silence around Tesla and bitcoin. The company hasn't bought or sold bitcoin in the past few years.
It also still doesn't accept BTC as payment for its cars, although Musk said a few years ago that such an option would return. However, he did set a condition: more than 50% of the Bitcoin network must be powered by green energy. And despite achieving that goal, we never heard from him again.
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