Bitcoin Rally Sends Elon Musk’s SpaceX Crypto Holdings Past $1 Billion

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As Bitcoin hit record highs above the $124,000 mark, making headlines as one of the hottest assets on the planet, it’s no surprise that Elon Musk’s SpaceX is also glowing.

The company’s Bitcoin holdings have now surged to over $1 billion, and everyone’s taking note.

Here are the highlights you should know.

SpaceX Bitcoin Stash Tops $1B

According to Arkham Intelligence, SpaceX currently holds 8,285 BTC valued at around $1.02 billion. This shows Musk’s continuing appetite for digital gold.

SpaceX has been here before, as in April 2021, it held roughly 28,000 BTC valued at around $1.8 billion. But over time, the company trimmed its stash, making it now the fourth-largest private company holding Bitcoin.

Just recently, SpaceX moved 1,300 BTC worth over $153 million, its first transfer since June 2022, sparking speculation over whether it was shifting wallet custody or preparing for a sale.

Musk’s Bitcoin Journey

Musk’s crypto journey is not limited to SpaceX. In 2021, Tesla bought over 43,000 BTC for $1.5 billion, calling it a long-term bet and a way to diversify its cash.

Today, Tesla holds around 11,509 BTC, worth roughly $1.42 billion. This makes it the 10th-largest public company in terms of Bitcoin holdings.

Musk has mostly stayed quiet about Bitcoin on X over the past three years. In March 2022, just before Tesla sold most of its holdings, he posted that he still owned and wouldn’t sell his Bitcoin, Ethereum, or Doge.

Musk has also signalled that cryptocurrency could play a role in his new political project, the America Party. Responding to a tweet asking if the party would embrace Bitcoin, Musk replied: “Fiat is hopeless, so yes.”

Bitcoin Breaks Records as Rate Cuts Soar

Bitcoin’s rally is not happening in isolation. On Wednesday, it reached an all-time high of $124,300, pushing its market cap to $2.45 trillion. This makes Bitcoin the fifth-largest asset in the world, slightly ahead of Google.

The optimism stems from growing expectations of a September interest rate cut, with odds now at over 99% as per the CME Fed Watch Tool.

Here’s why it matters :

A cooling labor market, easing inflation, and political pressure on the Fed have created the perfect environment for monetary easing. This is good news for equities and assets like Bitcoin. Institutional investors will be watching, which could push valuations even higher.

Musk seems to be playing the game remarkably well!