U.Today - American aerospace technology giant SpaceX has become one of the biggest beneficiaries of the ongoing Bitcoin (BTC) price boom. According to data platform Arkham Intelligence, the rocket manufacturer has seen a $700 million profit in its Bitcoin holdings.
SpaceX and Bitcoin Bet
As an Elon Musk-owned firm, SpaceX is one of the earliest corporate buyers of Bitcoin. Per the Arkham data, the firm currently holds a total of 8,285 valued at approximately $851,462,677.55.Per the data intelligence platform, SpaceX has seen the price of its Bitcoin stash grow from its all-time low of $134 million, scored on Nov. 29, 2022. The firm has continued to HODL its Bitcoin stash, surviving the multi-year consolidation of Bitcoin.
With a spot Bitcoin ETF launched in January 2024 and the price of Bitcoin hitting multiple all-time highs, the SpaceX balance has skyrocketed. However, the firm’s BTC holdings are yet to reclaim their highest level of more than $1.6 billion.
According to the Arkham data, SpaceX keeps custody of this BTC stash on Coinbase (NASDAQ:COIN) Prime. Since 2021, the firm has conducted more than 30 transactions, with Coinbase Prime the center point of all the transfers.
Brighter days ahead
The Arkham data insight of SpaceX portfolio features a Bitcoin price of $102,766, as the top digital currency eyes the $103,000 price mark amid a sustained bullish rally.SpaceX and even Elon Musk-owned Tesla Inc. are poised to see additional profit in their respective Bitcoin bags with this price trend. As reported earlier by U.Today, the Tesla Bitcoin holdings retained the $1 billion threshold in November last year as BTC inked a new local high.
At the moment, multiple institutional investors are entering the BTC market. BlackRock Inc (BVMF:BLAK34). raked in $527 million in its Bitcoin ETF product on Nov. 16, underscoring the massive interest in the offering.
With this institutional adoption trend, SpaceX may see more of an uptick if it continues to HODL.