The combined Bitcoin treasury would rank fifth among all public corporate Bitcoin holders globally.
- A combined Tesla and SpaceX entity would hold roughly 30,221 Bitcoin, which would rank it among the five largest public corporate Bitcoin holders globally.
- Retail traders on Stocktwits were divided over the possibility of a Tesla-SpaceX merger.
- Early SpaceX investor Peter Diamandis told Bloomberg said a merger between Tesla and SpaceX is “a matter of when, not if,” citing Musk’s desire for greater voting control and operational integration.
The speculated merger between Elon Musk’s Tesla (TSLA) and SpaceX (SPCX), once it makes its public market debut, could create a company that would hold roughly 30,221 Bitcoin (BTC) and rank fifth among public corporate holders.
Tesla currently holds 11,509 BTC, according to its latest quarterly earnings, while SpaceX’s IPO filing showed 18,712 BTC on its balance sheet. Combined, the two companies would control 30,221 Bitcoin valued at roughly $2.1 billion at current prices.
A potential merger between Tesla and SpaceX would create the world’s fifth-largest public corporate Bitcoin holder, trailing only Strategy (MSTR), Twenty One Capital (XXI), Japan’s Metaplanet, and Marathon Digital Holdings (MARA), as per data collated by Bitcoin Treasuries.
Tesla, SpaceX Would Hold More Than 30,000 Bitcoin Combined
The Bitcoin angle adds another layer to merger speculation that has been building ahead of SpaceX’s expected public market debut.
Bitcoin itself remained under pressure on Thursday. Bitcoin’s price fell nearly 3% in the last 24 hours to around $72,700 after the the personal consumption expenditure (PCE) report matched estimates, but first quarter GDP was revised downward to 1.6% from 2%. The macroeconomic backdrop added pressure on the cryptocurrency market already amid heavy spot ETF outflows.
On Stocktwits, BTC was among the top trending tickers as retail sentiment dropped to ‘extremely bearish’ from ‘bearish’ territory over the past day. Chatter rose to ‘high’ from ‘normal’ levels.
Meanwhile, TSLA’s stock edged 0.5% higher, with retail sentiment dropping to ‘bearish’ from the ‘neutral’ zone over the past day, while chatter stayed at ‘normal’ levels. Sentiment around SPCX’s stock, which is not publicly listed yet, also moved lower to ‘bullish’ from ‘extremely bullish’ territory over the past day.
Some retail traders on the platform were in favour of a merger between SpaceX and Tesla, while others were worried about the structural changes that may follow.
Speculation Around Tesla-SpaceX Merger Intensifies
Elon Musk discussed combining Tesla and SpaceX with close associates, according to a CNBC report. It said that a perception is spreading inside both companies that such a deal could ultimately happen, though no timeline has been set.
On Wednesday, early SpaceX investor Peter Diamandis told Bloomberg that a post-IPO merger between the two companies was a matter of when, not if. Diamandis said the combination makes sense because it would give Musk the super voting rights he holds at SpaceX, but currently lacks at publicly held Tesla.
"I put it not as a matter of if but only a matter of when those companies come together," said Diamandis, founder of the XPrize Foundation, who said he spoke with Musk on the topic in both January and March this year.
According to him, a merged entity would give Musk "the ability to operate across all of this infrastructure," including a fleet of Cybercab robotaxis and Tesla vehicles with compute and power capability, creating "a global infrastructure on the ground and in space."
Neither Tesla nor SpaceX has publicly confirmed any merger plans. SpaceX is targeting a Nasdaq listing under the ticker SPCX, with a roadshow reportedly beginning around June 8.
Read also: PCE Report In Line: Bitcoin Still Drops Below $73K After 1.6% GDP Revision, ETF Selling Pressure
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