Owned by Elon Musk, SpaceX has made substantial profits from its Bitcoin investments. According to Arkham Intelligence, the company gained $700 million in profit.
SpaceX and Bitcoin Bet
SpaceX is one of the earliest corporate buyers of Bitcoin. The firm currently holds 8,285 bitcoins, valued at approximately $851,462,677.55. SpaceX keeps custody of its assets on Coinbase Prime, having conducted more than 30 transactions since 2021. Despite recent highs in Bitcoin prices, SpaceX's holdings have not yet reached their previous peak of more than $1.6 billion.
Brighter Days Ahead
According to Arkham, SpaceX's Bitcoin is priced at $102,766. This increases the likelihood of further profit growth for the company. With the spot Bitcoin ETF launched in January 2024 and new all-time highs, SpaceX's balance has significantly increased.
Role of Institutional Investors
Multiple institutional investors show active interest in the Bitcoin market. For instance, BlackRock Inc. raised $527 million in its Bitcoin ETF product. The trend of institutional adoption could further enhance SpaceX's profits if it continues to HODL its Bitcoin.
SpaceX's Bitcoin investments have proven to be strategically successful, allowing the company to reap significant profits. With increasing interest from institutional investors and positive Bitcoin price trends, SpaceX could continue benefiting from its cryptocurrency investments.
