Musk Could Build a Bitcoin Holding Giant: SpaceX and Tesla Together Hold 30,221 BTC

October 22 — According to Decrypt, Musk said on SpaceX's Q3 earnings call that both SpaceX and Tesla's boards have formed special committees of independent directors to evaluate the possibility of a merger between the two companies, while stressing that it cannot yet be determined that a deal will be reached.

According to Tesla's latest quarterly filing and SpaceX's pre-IPO S-1 filing, the two companies hold 11,509 and 18,712 bitcoins respectively, totaling 30,221 BTC, worth about $2.5 billion at a bitcoin price of roughly $83,000. The two companies' total cost basis for their bitcoin holdings is about $1 billion, with an average purchase price of about $35,000 per coin. If the merger is completed, these bitcoins would be consolidated onto a single balance sheet, making the combined company one of the largest corporate bitcoin holders in the world, second only to a few large holders such as Strategy. However, neither company has yet signaled any plans to increase or sell its bitcoin holdings, and the merger remains in the evaluation stage.