Arkham Intelligence Unveils $2 Billion Bitcoin Wallets for Tesla and SpaceX

When did Elon Musk's two companies buy BTC?

On-chain transaction history shows SpaceX making large transactions from about three years ago, a period that coincides with the wave of large corporate Bitcoin purchases in 2021. Typical transactions include a transfer of more than 1.26K BTC ($36.88 million) from SpaceX wallet to Coinbase, along with many other transactions ranging from a few hundred to more than 1.2K BTC that occurred during the same period.

Notably, in addition to the outgoing transfer, the data also recorded a small amount of BTC returned from Coinbase Prime's custody address to SpaceX's wallet, with a value of only a few dollars, indicating testing or internal balancing activities.

In contrast, Tesla's wallet clearly demonstrates a rather complex internal asset allocation cycle.

The transactions are concentrated around nine months ago, with multiple child wallet addresses appearing repeatedly in the BTC flow history.

The most notable of these was a transaction worth more than 2,010 BTC (about $140.29 million) recorded as one of the largest transfers from a main wallet to internal wallets.

The remaining outflows typically fall in the hundreds of BTC range, reinforcing the theory that Tesla is restructuring or optimizing asset storage across multiple wallet layers.

Are they selling or holding?

One of the key points that analysts are interested in is whether Tesla and SpaceX are quietly “dumping” or continuing to hold for the long term. Analysis of the balance history chart from Arkham shows that both organizations peaked their portfolios around mid-2021, when the Bitcoin market approached $65,000. Tesla once held a portfolio of more than $3.2 billion , while SpaceX also approached the $2.1 billion mark . However, when the market corrected sharply in 2022, the balances remained the same and there were no large outflows from the wallets, indicating that there was no on-chain selling behavior.

In addition, the amount of BTC in both wallets has remained virtually unchanged since mid-2023, reinforcing the argument that both Tesla and SpaceX continue to hold the asset as part of a long-term strategy. This stability is especially important in a digital asset market that is still experiencing large fluctuations, and the “hodl” behavior of such large organizations can bring confidence to both individual and institutional investors.

Impact on the market

Arkham Intelligence’s verification and public disclosure of the Bitcoin wallets of two of the world’s most influential companies not only sheds light on how serious these organizations are about cryptocurrencies, but also carries huge symbolic significance for the entire market. It is a clear demonstration that Bitcoin is no longer a purely speculative asset, but is gradually becoming a part of the balance sheets of the world’s leading technology corporations.

On the other hand, the fact that Tesla and SpaceX did not engage in sell-offs during the bear market also sends a positive message about the long-term confidence in Bitcoin’s value. In a time of rampant fake news and FUD, authentic on-chain data from Arkham becomes a crucial tool to separate fact from rumor.

Evaluation and Conclusion

The fact that two of the world’s leading technology corporations, Tesla and SpaceX, hold large amounts of Bitcoin worth more than $2 billion in total shows that institutional acceptance and trust in Bitcoin is real, not just speculation. It also lays the foundation for digital assets — especially Bitcoin — to become a serious part of global corporate finance strategies.

Disclaimer: The information presented in this article is the author's personal opinion on the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in the article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.

Compiled and analyzed by HCCVenture

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