PK Press Club – American aerospace technology giant SpaceX has become one of the biggest beneficiaries of the current (BTC) price surge. According to data platform Arkham Intelligence, the rocket maker made a profit of $700 million on its Bitcoin holdings.
SpaceX and Bitcoin Bet
As a company owned by Elon Musk, SpaceX is one of the first companies buying Bitcoin. According to Arkham data, the company currently holds a total of 8,285, valued at approximately $851,462,677.55.
According to the data intelligence platform, SpaceX saw the price of its Bitcoin stash increase from its all-time low of $134 million, reached on November 29, 2022. The company continued to HODL its Bitcoin stash, surviving the consolidation of several years. of Bitcoin.
With a spot Bitcoin ETF launching in January 2024 and the price of Bitcoin hitting multiple all-time highs, SpaceX’s balance has skyrocketed. However, the company’s BTC holdings have yet to return to their all-time high of over $1.6 billion.
According to Arkham data, SpaceX is keeping this BTC stash on Coinbase (NASDAQ:) Prime. Since 2021, the company has completed over 30 transactions, with Coinbase Prime being the central point for all transfers.
Better days ahead
Arkham data from the SpaceX wallet shows a Bitcoin price of $102,766, as the leading digital currency eyes the $103,000 price mark amid a sustained bull rally.
SpaceX and even Elon Musk-owned Tesla (NASDAQ:) Inc. are poised to make additional profits in their respective Bitcoin bags with this price trend. As previously reported by PK Press Club, Tesla Bitcoin holdings held onto the $1 billion threshold in November last year as BTC hit a new local high.
Currently, several institutional investors are entering the BTC market. BlackRock Inc (NYSE:). raised $527 million in its Bitcoin ETF product on November 16, highlighting the massive interest in the offering.
With this trend toward institutional adoption, SpaceX could see an uptick if it continues to HODL.
