Musk’s SpaceX Maintains $1B Bitcoin Bet Despite 2022 Selloff

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SpaceX has rejoined the elite club of corporate Bitcoin holders with balances exceeding $1 billion, Arkham Intelligence data shows.

The aerospace firm’s current 8,285 BTC stash has regained 10-figure status thanks to Bitcoin’s recent price surge.

The company’s Bitcoin journey has seen dramatic swings – from accumulating 28,000 BTC worth $1.8 billion in early 2021 to selling off 70% during 2022’s crypto crisis.

The selloff coincided with Tesla’s Bitcoin reduction, suggesting coordinated risk management across Musk’s companies during the Terra-Luna and FTX collapses.

Despite the reduction, SpaceX remains one of the largest corporate Bitcoin holders, trailing only Tesla (11,509 BTC) among Musk-affiliated companies.