Pakinomist – American space technology giant SpaceX has become one of the biggest beneficiaries of the ongoing (BTC) price boom. According to data platform Arkham Intelligence, the rocket maker has seen a $700 million profit in its Bitcoin holdings.
SpaceX and Bitcoin Bet
As an Elon Musk-owned company, SpaceX is one of the earliest corporate buyers of Bitcoin. According to the Arkham data, the firm currently holds a total of 8,285 with a value of approximately $851,462,677.55.
According to the data intelligence platform, SpaceX has seen the price of its Bitcoin holdings grow from its record low of $134 million, scored on November 29, 2022. The firm has continued to HODL its Bitcoin holdings and survived the multi-year consolidation of Bitcoin.
With a spot Bitcoin ETF launching in January 2024 and the price of Bitcoin hitting multiple record highs, SpaceX’s balance sheet has skyrocketed. However, the firm’s BTC holdings have yet to regain their peak level of more than $1.6 billion.
According to the Arkham data, SpaceX keeps this BTC storage on Coinbase (NASDAQ:) Prime. Since 2021, the company has completed more than 30 transactions, with Coinbase Prime being the hub for all transfers.
Brighter days ahead
The Arkham data insight into the SpaceX portfolio has Bitcoin priced at $102,766 as the top digital currency eyes the $103,000 price tag amid a sustained bullish rally.
SpaceX and even Elon Musk-owned Tesla (NASDAQ: ) Inc. are poised to see further profit in their respective Bitcoin bags with this price trend. As reported earlier by Pakinomist, Tesla Bitcoin holdings maintained the $1 billion threshold last November when BTC charted a new local high.
Currently, more institutional investors are entering the BTC market. BlackRock Inc (NYSE: ). poured $527 million into its Bitcoin ETF product on Nov. 16, underscoring the massive interest in the offering.
With this institutional adoption trend, SpaceX could see more of an increase if it continues to HODL.