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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

Dogecoin Achieves 214% Gain in August

chest

Dogecoin recorded its strongest monthly performance of the year with a 214% gain in August, regaining market attention.

user avatarBayarjavkhlan Ganbaatar

BNB Chain Reports Growth in New dApps for August

chest

BNB Chain's August update highlights significant growth in decentralized applications, indicating a healthy ecosystem beyond just BNB price movements.

user avatarMohamed Farouk

Challenges Ahead for Solana Mobile's SKR Token

chest

Challenges Ahead for Solana Mobile's SKR Token

user avatarElias Mukuru

SKR Token Emerges as Top Performer in Crypto Market

chest

Solana Mobiles SKR token has gained significant attention, becoming one of the strongest weekly performers among the top 200 crypto assets.

user avatarDiego Alvarez

Kalshi Issues Lifetime Ban to George Santos for Manipulating Prediction Market

chest

Kalshi has permanently banned former Rep George Santos for manipulating a market tied to his attendance at the State of the Union address, profiting nearly $18,000.

user avatarKenji Takahashi

Sberbank Prepares for Crypto Trading Boom with New Digital Asset Rules

chest

Sberbank anticipates a surge in cryptocurrency trading in Russia following the implementation of new digital asset regulations, planning to accept Ethereum and Tether as collateral for loans.

user avatarMaria Fernandez

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.