PakGazette – American aerospace technology giant SpaceX has become one of the biggest beneficiaries of the current (BTC) price boom. According to data platform Arkham Intelligence, the rocket maker has made a $700 million profit on its Bitcoin holdings.
Bet SpaceX and Bitcoin
As a company owned by Elon Musk, SpaceX is one of the first corporate buyers of Bitcoin. According to Arkham data, the company currently owns a total of 8,285 valued at approximately $851,462,677.55.
According to the data intelligence platform, SpaceX has seen the price of its Bitcoin reserve grow from its all-time low of $134 million, reached on November 29, 2022. The company has continued to keep its Bitcoin reserve in HODL, surviving to the consolidation of several years. of Bitcoin.
With a Bitcoin spot ETF launched 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 regain their all-time high of over $1.6 billion.
According to Arkham data, SpaceX maintains custody of this BTC stash at Coinbase (NASDAQ 🙂 Prime. Since 2021, the company has made more than 30 transactions, with Coinbase Prime being the central point for all transfers.
Brighter days ahead
Arkham data information from SpaceX’s portfolio features a Bitcoin price of $102,766, as the leading digital currency targets the $103,000 price mark amid a sustained bullish rally.
SpaceX and even Tesla (NASDAQ 🙂 Inc., owned by Elon Musk, are set to see additional gains in their respective Bitcoin exchanges with this price trend. As PakGazette previously reported, Tesla Bitcoin holdings maintained the threshold of one thousand million dollars in November last year when BTC hit a new local high.
Currently, multiple institutional investors are entering the BTC market. BlackRock Inc (NYSE:). raised $527 million in its Bitcoin ETF product on Nov. 16, underscoring the huge interest in the offering.
With this trend of institutional adoption, SpaceX may see a further rebound if it continues to HODL.
