Tesla and SpaceX May Combine $2.5B Bitcoin Stash

Two Corporate Giants and One Big Crypto Stash

Imagine two major companies bringing their crypto savings under the very same roof. That is exactly what could happen if Elon Musk's Tesla and SpaceX decide to merge.

Tesla recently reported that it still holds 11,509 Bitcoin on its balance sheet. Meanwhile, SpaceX revealed in its June IPO filing that it holds 18,712 Bitcoin.

If you add those two numbers together, you get a combined total of 30,221 Bitcoin. At current market valuation, that combined stash is worth roughly $2.5 billion.

How Would They Rank on the Global Crypto Leaderboard?

Combining these holdings would instantly create one of the largest corporate Bitcoin treasuries in the world.

Without spending a single extra dollar on new coins, the newly merged entity would rank sixth among all public companies holding Bitcoin.

This move would push the combined company ahead of major industry players like Coinbase and Bullish. However, it would still sit behind mining giant MARA Holdings.

• SpaceX Bitcoin Holdings: 18,712 BTCBTC-0.85%
• Tesla Bitcoin Holdings: 11,509 BTC
• Combined Total: 30,221 BTC (valued at approximately $2.5 billion)
• Global Corporate Rank: 6th place among public companies

Inside the Proposed Tesla-SpaceX Merger

So, how close is this corporate union to actually happening? Elon Musk brought up the proposed merger during SpaceX's earnings call on Tuesday.

He shared that both companies have formed special committees made up of independent directors. These teams are currently studying whether a merger makes practical sense.

While Musk personally believes combining the two firms is a smart idea, no official deal has been struck yet.

The independent committees still need to agree on specific terms. After that, shareholders must give their final stamp of approval.

For Tesla, getting the deal done requires support from holders of more than 50% of all company shares. Musk himself described this requirement as a very high hurdle to clear.

A Brief History of Tesla's Bitcoin Journey

To understand where Tesla stands today, it helps to look back at how the electric vehicle maker managed its crypto holdings over time.

Tesla first entered the Bitcoin market back in February 2021. The company disclosed a historic $1.5 billion purchase, explaining that it wanted to diversify its cash reserves.

Just two months later, in April 2021, Tesla sold 10% of its Bitcoin holdings for $272 million. Musk explained that this sale was meant to demonstrate Bitcoin's liquidity as an alternative to cash.

The biggest shift came in July 2022. Tesla converted 75% of its remaining Bitcoin into traditional cash, which brought in $936 million.

Musk stated that the company wanted to preserve cash because uncertain COVID-19 lockdowns in China were weighing on its business outlook.

Since that major sale, Tesla has held onto its remaining 11,509 Bitcoin without buying or selling any additional coins.

Why This Move Does Not Mean New Market Demand

When investors hear about billions of dollars in crypto moving around, they often wonder if it will drive market prices higher. However, analysts point out that this merger would not create new buying demand.

"A merger would consolidate their ownership, not take more supply off the market. Neither company has signaled that it plans to buy or sell. If this moves forward, I’ll be interested in what management wants to do with the combined holdings, but adding the balances together is not itself a bullish flow."

Prominent crypto trader Scott Melker noted in a recent blog post that holding crypto on a corporate balance sheet can be quite uneventful, even when accounting structures change.

Melker explained that combining these holdings creates no new demand for Bitcoin because every single one of those 30,221 coins is already sitting on corporate balance sheets.

It simply unites existing balances under one roof rather than purchasing new supply from the open market.

Understanding Corporate Treasuries and Market Volatility

While internal corporate restructuring is an interesting corporate milestone, investors should remember that balance sheet consolidation does not guarantee price increases.

Digital assets remain naturally volatile, and market prices can fluctuate quickly based on macroeconomic shifts, regulation, and liquidity.

Past performance of digital assets is not indicative of future results. You can monitor real-time prices and market data anytime on the Bitkub BTC Market.