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.
SpaceX and even Elon Musk-owned Tesla (NASDAQ:TSLA) 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 (NYSE:BLK). 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.
This article was originally published on U.Today
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