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, showcasing its long-term confidence in Bitcoin.

SpaceX Holds 8,285 Bitcoin in Reserve

On September 10, Arkham made note of SpaceX's ambition to achieve historical significance with its Polaris Dawn mission today.

According to the blockchain data business, the aerospace company has about $500 million worth of Bitcoin stored in a wallet. What this means is that these corporations are positive on Bitcoin as well as on space exploration and automotive technology.

With 8.285K BTC valued at $471.48M, SpaceX is according to Arkham statistics. In the past two years, the business has avoided selling Bitcoin. On June 10, 2022, a substantial transaction totaling 1,26,000 BTC was sent to the cryptocurrency exchange Coinbase.

Tesla and SpaceX Hold Over $1 Billion in Bitcoin Reserves

Tesla and SpaceX, owned by Elon Musk, are reportedly keeping around 19,800 BTC, valued at over $1 billion, in several wallets. Musk is a fan of Dogecoin.

Arkham Intelligence asserts that the reserve is dispersed throughout numerous wallets; for example, SpaceX retains approximately 8,300 tokens across 28 wallets, and Tesla has approximately 11,500 BTC across 68 addresses. This shows that more and more businesses are betting big on the cryptocurrency market leader.

Institutional Investors Propel Bitcoin to $73K in Early 2024

The asset's price jumped over $73,000 in Q1 2024 before falling to its present levels, according to Coingape, who claims that institutional demand has been driving its increase in recent years.

At its current price of $56,900, the price of Bitcoin has increased by roughly 3% in the last 24 hours. The low for the day is $54,848 and the high is $58,041. There has been a 40% increase in trading volume over the past day, suggesting that traders are more interested in the market.