SpaceX's Bitcoin holdings have surged past the $1 billion mark, coinciding with Bitcoin reaching a new all-time high of $124,457.

This significant milestone underscores the success of the aerospace company's strategic investment in the cryptocurrency.

SpaceX's current portfolio of 8,285 BTC is now valued at over $1.02 billion, marking a substantial return on investment since its initial purchases.

SpaceX's Bitcoin Investment Strategy

Data from Arkham Intelligence indicates that SpaceX began accumulating Bitcoin between December 31, 2020, and June 10, 2022.

During this period, the company acquired its holdings at an average price of approximately $32,000 per coin.

Notably, SpaceX has maintained a "diamond hands" approach, leaving its Bitcoin portfolio largely untouched since its acquisition.

This strategy has proven highly rewarding, with Bitcoin's recent rally significantly boosting the valuation of SpaceX's crypto assets.

Portfolio Growth and Recent Activity

SpaceX's Bitcoin holdings have experienced a remarkable growth of over 300% from its initial investment.

While the company has not sold its Bitcoin, it did move 17,314 BTC to Coinbase Prime between May 25 and June 10, 2022.

The most recent on-chain activity involved the relocation of 1,308 BTC, valued at $150 million at the time, to a new address.

This move was confirmed as a relocation rather than a sale, ensuring SpaceX's Bitcoin holdings remain intact.

Combined Holdings with Tesla

In addition to SpaceX, Tesla, another company affiliated with Elon Musk, also holds a substantial amount of Bitcoin.

Tesla's balance sheet includes 11,509 BTC, currently valued at over $1.4 billion.

Combined, these Musk-affiliated companies hold approximately $2.42 billion in Bitcoin, all acquired at an average price of $32,000.

This demonstrates a clear pro-innovation stance towards cryptocurrency adoption.

Future Outlook

The success of SpaceX's Bitcoin holdings highlights the increasing acceptance of Bitcoin as a legitimate treasury asset for major corporations.

With projections suggesting Bitcoin could reach $200,000 by the end of the year, SpaceX's Bitcoin portfolio is poised for further appreciation, potentially increasing its valuation substantially.

Sources:

• Bitcoin News Today: SpaceX Bitcoin Holdings Top $1 Billion Amid BTC Price Surge
• Elon Musk’s SpaceX Now Holds $1B in Bitcoin
• Elon Musk’s SpaceX bitcoin holdings top $1 billion as BTC hits fresh highs
• SpaceX Bitcoin Stake Tops $1 Billion; BTC Slides After Treasury Comment
• SpaceX’s bitcoin holdings surpass $1b

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