Impact of SpaceX-Tesla Merger on 20,000 Bitcoins Explored
Elon Musk’s potential merger discussions involving SpaceX and Tesla have sparked interest in the significant bitcoin holdings these companies control. Together, they possess nearly 20,000 bitcoins, valued at approximately $1.7 billion. This collective asset positions them as the seventh largest holder of bitcoin globally, following closely behind Bullish, which owns 24,300 bitcoins.
Current Bitcoin Holdings of SpaceX and Tesla
SpaceX has been a bitcoin holder since early 2021, managing around 8,285 BTC, with a market value near $680 million. Tesla, on the other hand, holds a larger amount, approximately 11,509 BTC, valued close to $1 billion. In the fourth quarter of 2025, Tesla reported no changes to its bitcoin holdings, despite facing a $239 million after-tax loss due to falling bitcoin prices.
Bitcoin Market Volatility
The value of bitcoin fluctuated dramatically, dropping from around $114,000 to the high $80,000s. While a merger might not alter bitcoin’s fundamentals, it would impact how these companies govern and finance their significant cryptocurrency holdings. Tesla, as a publicly traded entity, is subject to fair-value accounting rules which expose it to bitcoin’s price fluctuations directly impacting its earnings. In contrast, SpaceX, being private, avoids the same level of quarter-to-quarter scrutiny.
Implications of a Merger
As SpaceX considers an initial public offering that could value it around $1.5 trillion, the potential merger with Tesla raises questions about how crypto assets, even if maintained passively, will affect investor perceptions. Notably, institutional investors are increasingly cautious regarding the presence of digital assets on corporate balance sheets.
- SpaceX Bitcoin Holdings: Approximately 8,285 BTC worth about $680 million
- Tesla Bitcoin Holdings: Approximately 11,509 BTC worth about $1 billion
- Total Combined Holdings: Nearly 20,000 BTC valued at around $1.7 billion
Tesla’s History with Bitcoin
Tesla’s previous experiences with bitcoin also weigh heavily on its current strategy. The company made headlines with a $1.5 billion bitcoin purchase in 2021 but later sold a considerable portion of its holdings, roughly 75%, during 2022’s bear market lows. This inconsistency has shaped Tesla’s image as a somewhat unreliable holder of cryptocurrency.
Looking Ahead
As discussions of a merger progress, neither SpaceX nor Tesla has indicated any plans to alter their bitcoin positions. Despite representing a minor part of daily trading volumes, the concentration of these crypto assets within major tech firms reiterates the significant role bitcoin plays in their financial strategies. Investors will continue to keep a close eye on how these developments unfold.
