Elon Musk's SpaceX Is Surprisingly Bullish on Bitcoin (BTC), Arkharm Intelligence Reveals

Although SpaceX, founded and led by Elon Musk, is predominantly known for its groundbreaking technologies and successful launches, the American aerospace manufacturer is also surprisingly bullish on the alpha cryptocurrency, Bitcoin (BTC).

SpaceX, the rocket company and satellite operator founded and led by Elon Musk, is apparently bullish not only on space exploration but also on the flagship cryptocurrency, Bitcoin (BTC).

According to on-chain sleuths Arkharm Intelligence, SpaceX’s Bitcoin stash is currently valued at approximately $500 million.

“But did you know that SpaceX isn’t just bullish on Space? They’re also bullish on BTC, with almost $500M in holdings,” Arkham Intelligence noted in its Sept. 10 post on X.

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But did you know that SpaceX isn’t just bullish on Space?

They're also bullish on BTC, with almost $500M in holdings pic.twitter.com/SRB1dinixd

The report comes amid Musk’s ongoing legal battle with Twitter over his attempt to terminate the $44 billion acquisition deal. Earlier this year, Musk countersued Twitter after the company filed a lawsuit against him in an effort to force the completion of the acquisition.

In its countersuit, Musk’s legal team argued that Twitter had misled Musk and regulators about key aspects of the business, including the prevalence of bots on the platform. The countersuit also highlighted Tesla’s financial performance and Musk’s personal wealth, which largely consists of Tesla stock options.

According to the countersuit filing, Musk’s net worth was around $340 billion as of March 2023, with about $160 billion of that net worth being realized gains. The filing also noted that Musk had about $53 billion in unrealized gains from Tesla stock options.

SpaceX And Bitcoin

While Musk has previously stated at the pro-Bitcoin “The B Word” conference in 2021 that SpaceX owned some Bitcoin, the size of the company’s BTC investment was unknown until Arkahm’s report earlier this year.

“I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin,” the centibillionaire said at the time, revealing that he also personally owns Ether (ETH) and Dogecoin (DOGE).

Musk has a long and turbulent track record of trying to integrate crypto assets like Bitcoin into the functioning of his businesses. In March 2021, Tesla started accepting Bitcoin as a payment option for new EV car purchases. The program was suspended less than two months later, with Musk citing concerns related to the environmental impact of the energy-intensive Bitcoin mining process.

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