Tesla and SpaceX now hold nearly 20K BTC combined, with gains nearing $1.5B since their average entry at $32K.
On-chain data shows a complex, years-long BTC wallet structure linked to Musk’s firms and managed through Coinbase Prime.
Both companies remain 100% Bitcoin-only, signaling deep conviction in BTC's role as a corporate-grade treasury asset.
Tech King Elon Musk is trending on crypto Twitter as Tesla and SpaceX now command over $2 billion in combined Bitcoin holdings. The companies’ BTC positions, custodied through Coinbase Prime, reflect unwavering conviction in Bitcoin as a corporate treasury asset. With nearly 20,000 BTC purchased around the $32K mark, Musk’s firms are sitting on $1.5 billion in unrealized gains, placing them among the top institutional holders on-chain.
Musk’s Bitcoin Bet: $1.5B in Unrealized Gains
Tesla and SpaceX together own 19,794 BTC, according to Arkham’s on-chain snapshot shared in a post by Arkham Intelligence. Tesla holds 11,509 BTC worth approximately $1.23 billion, while SpaceX owns 8,285 BTC valued at $883.6 million. Both firms purchased their holdings near an average cost of $32K, now up by roughly $1.5 billion combined.
https://twitter.com/arkham/status/1938689153312456899
Tesla’s BTC holdings are fully allocated under Coinbase Prime Custody, with current valuation down 0.38% on the day. The per-unit price of Tesla’s Bitcoin stands at $106,947, with a minor 0.37% dip from the previous session. SpaceX’s wallet follows a similar structure, reflecting a daily decrease of 0.66%, but retains firm exposure.
This structure affirms that Elon Musk’s firms maintain zero diversification into other digital assets at this time. Both Tesla and SpaceX remain committed to Bitcoin alone, reinforcing BTC’s perceived dominance as a corporate-grade asset. This combined position ranks among the largest institutional holdings on-chain, rivaling MicroStrategy’s profile.
Arkham Visualizes One of Crypto’s Largest Wallet Networks
Arkham Intelligence’s tracking revealed a vast on-chain web tied to these corporate BTC wallets, extending over four years. The network map highlights one red central node, described as the core holding address, surrounded by hundreds of wallets. Transaction data spans from mid-2021 to mid-2025, visualizing a dense, active treasury operation.
In the image’s left sector, green lines show heavy inflows around Q3 2022, marking the early BTC accumulation phase. This was followed by a burst of wallet connections in early 2023, possibly linked to internal transfers or yield rotation. By early 2024, red lines dominate, illustrating wide-scale distribution or wallet segmentation into diverse holdings.
Blue nodes, possibly custodians or exchanges, appeared more frequently in late 2024 and 2025. These nodes, connected via thinner strands, reflect high-frequency traffic to and from Coinbase-linked addresses. This complex symmetry suggests not just randomness, but a structured and deliberate wallet management protocol.
Coinbase Custody Confirms Institutional Security Layer
According to Arkham, Tesla and SpaceX both rely on Coinbase Prime Custody for BTC management. This custody model secures billions in assets using institutional-grade infrastructure, backed by regulatory-grade protections. Each wallet integrates with broader compliance, ensuring these positions remain auditable and safely stored.
SpaceX’s exposure sits at $883,593,662.01, with 8,285 BTC held under a single custody framework. Bitcoin’s slight daily drop only marginally affected valuation, as long-term conviction remains intact. These numbers, made public through on-chain data, reaffirm the role of custody in institutional digital asset allocation.
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