SpaceX Bitcoin (BTC) Now Holding $700 Million: Details
SpaceX Bitcoin (BTC) Now Holding $700 Million: Details Godfrey Benjamin SpaceX Bitcoin stash has jumped from low of $134 million to more than $851 million Cover image via www.freepik.comDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. 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 BetAs 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. Related 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 Prime. Since 2021, the firm has conducted more than 30 transactions, with Coinbase Prime the center point of all the transfers.Brighter days aheadThe 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. Related 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. 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. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. About the author Godfrey Benjamin Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others. Related articles