SpaceX's Cryptocurrency Assets Grow: $700M Profit from Bitcoin

user avatar

by Giorgi Kostiuk

2 years ago

American aerospace company SpaceX has significantly benefitted from rising Bitcoin prices with a $700 million profit. This is fueled by increased institutional interest and a new spot ETF.

Bitcoin Growth and SpaceX's Profit

SpaceX owns 8,285 Bitcoins valued at $851 million, a significant improvement from November when Bitcoin's value was much lower. The company maintains its policy of not selling its Bitcoins regardless of market trends.

The company insists on its policy of not selling Bitcoins irrespective of market conditions.

Transactions with Coinbase Prime

SpaceX uses Coinbase Prime for handling its Bitcoin transactions. Since 2021, the company has executed more than 30 transactions, helping secure and effectively manage its digital assets.

Increase in Institutional Investments

With the launch of a spot Bitcoin ETF in 2024, the digital currency continues to reach new highs. In November, BlackRock launched its Bitcoin ETF, gathering $527 million.

As institutional interest in Bitcoin grows, companies like SpaceX and Tesla continue to profit from their cryptocurrency holdings. In a rising market, SpaceX is well-positioned to benefit.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Barclays and Citigroup Boost Bitcoin ETF Holdings Amid Market Fluctuations

Barclays and Citigroup have significantly increased their holdings in Bitcoin ETFs, reflecting a growing integration of Bitcoin investment products into traditional financial markets.

user avatarBayarjavkhlan Ganbaatar

Ethereum's Technical Development and Security Roadmap Discussed

The Ethereum Institutional Forum featured discussions on the network's technical roadmap and post-quantum security measures, emphasizing the importance of security and reliability for institutional adoption.

user avatarMohamed Farouk

Tokenization and Blockchain Adoption Discussed at Ethereum Forum

Discussions on the tokenization of traditional assets and the benefits of blockchain technology for financial institutions.

user avatarDiego Alvarez

Ethereum Institutional Forum Showcases Wall Street's Growing Interest

The Ethereum Institutional Forum in London showcases the growing interest of Wall Street firms in Ethereum's blockchain technology.

user avatarElias Mukuru

Proposed Lending System Could Transform XRP Ledger

The proposed lending system aims to introduce new financial capabilities directly into the XRP Ledger.

user avatarMaria Fernandez

Next Steps for XRP Ledger's Lending Amendments

The next milestone for the XRP Ledger is securing the remaining validator votes for the lending amendments.

user avatarKenji Takahashi

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.