Musk’s SpaceX-Tesla Merger Would Create a Bitcoin Treasury Behemoth

In brief

• Elon Musk’s floated SpaceX-Tesla merger would unite the companies’ combined 30,221 BTC, worth roughly $2.5 billion, into one of the largest non-mining corporate Bitcoin treasuries.
• SpaceX’s stash was effectively invisible to public markets until its June IPO filing, having quietly accumulated for years.
• Musk cautioned a deal isn’t “a certainty,” and neither company has signaled buying or selling.

Elon Musk’s floated merger of SpaceX and Tesla would do more than unite rockets and electric cars. It would fold two of the world’s largest corporate Bitcoin stashes onto a single balance sheet.

Speaking on SpaceX’s third-quarter earnings call Tuesday, Musk said the boards of both companies had formed special committees of independent directors to weigh a tie-up, cautioning that treating a deal as “a certainty” would be “overstating it.”

But the prospect alone has drawn fresh attention to the combined entity’s crypto holdings.

Tesla reported 11,509 BTC in its most recent quarterly filing, while SpaceX disclosed 18,712 BTC in the S-1 it filed ahead of its June IPO. Together, that’s 30,221 BTC, worth roughly $2.5 billion at Bitcoin’s recent price near $83,000.

As Decrypt reported when the merger idea first surfaced, combining the two would stack one of the largest non-mining corporate Bitcoin positions anywhere under Musk’s control, placing the merged company among the top handful of public holders, trailing only the likes of Michael Saylor’s Strategy and a few others.