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US aerospace technology giant SpaceX has become one of the biggest beneficiaries of the ongoing Bitcoin (BTC) price boom. According to According to data platform Arkham Intelligence, the rocket manufacturer made a profit of $700 million from its Bitcoin holdings.
SpaceX and Bitcoin betting
As a company owned by Elon Musk, SpaceX is one of the first companies to purchase Bitcoin. According to Arkham data, the company currently owns a total of 8,285 worth approximately $851,462,677.55.
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According to the data intelligence platform, SpaceX saw the price of its Bitcoin stock rise from an all-time low of $134 million, which was recorded on November 29, 2022. The company continued to store its Bitcoin stock, surviving the multi-year merger. . Of Bitcoin.
With the launch of the spot Bitcoin ETF in January 2024 and the price of Bitcoin reaching all-time highs, SpaceX's equity has skyrocketed. However, the company's Bitcoin holdings have yet to recover to their high of over $1.6 billion.
According to Arkham Data, SpaceX holds this BTC stash on Coinbase Prime. Since 2021, the company has conducted over 30 transactions, with Coinbase Prime being the central point for all transfers.
Brighter days ahead
The Arkham data view of SpaceX's wallet features a Bitcoin price of $102,766, with the top digital currency eyeing a $103,000 price tag amid a continued bullish rally.
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SpaceX and even Tesla Inc. are expected to see... Elon Musk's company puts additional profits in its Bitcoin bags with this price trend. like I mentioned Earlier in U.Today, Tesla Bitcoin holdings held the $1 billion threshold set in November last year as BTC hit a new local high.
Currently, many institutional investors are entering the BTC market. BlackRock Company By combing in $527 million in its Bitcoin ETF product on November 16, underscoring the massive interest in the offering.
And with this trend of enterprise adoption, SpaceX may see further upside if it continues with HODL.
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