The SpaceX Bitcoin holding has surpassed $1 billion following the cryptocurrency’s rally to a new record high.
Data from Arkham highlighted this, as SpaceX’s diamond hand continues to pay off. Following Bitcoin’s rally to a new all-time high of $124,457, the holding of a SpaceX-linked address swung to over a billion-dollar valuation.
SpaceX Bitcoin HODL Pays Off
For context, SpaceX holds a total of 8,285 BTC, acquired between December 31, 2020, and June 10, 2022. Notably, the company could have held more sats but moved 17,314 BTC to Coinbase Prime between May 25 and June 10, 2022.
Nonetheless, it has held onto the remaining assets since then, with Bitcoin appreciating from around $30,000 when SpaceX last bought or sold to its current price of $122,422. This over 300% growth has boosted the company’s portfolio to $1.02 billion at the time of writing.
Meanwhile, SpaceX’s last on-chain activity came three weeks ago when it moved 1,308 BTC ($150 million then) to a new address, “bc1q8.” However, the move proved to be a mere relocation, as it has not sold them to date.
Interestingly, another Musk-affiliated company, Tesla, still holds 11,509 BTC, worth over $1.4 billion, on its balance sheet, indicating the world’s richest man’s pro-innovation stance. Both firms were among the first publicly traded companies to hold Bitcoin, a practice that has recently gained traction.
The companies now hold a combined $2.42 billion, with Arkham disclosing that they were acquired at an average price of $32,000.
Bitcoin Climbs to New All-Time High
The portfolio has appreciated on the back of Bitcoin’s rally to a new all-time high earlier today, continuing to set new price records. It surpassed its previous $123,181 peak on Thursday, setting a new top of $124,457.
Meanwhile, Bitcoin has rebounded over 9% from its August 3 low of $111,982, rewarding those who bought the dip. Several analysts have also projected that this run would continue, predicting prices of $200,000 by the end of the year.
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