Elon Musk’s SpaceX bitcoin holdings top $1 billion as BTC hits fresh highs

SpaceX's bitcoin holdings have climbed past the $1 billion mark, as the cryptocurrency's price reached a new record high on Wednesday.

According to data from Arkham Intelligence, Elon Musk's aerospace company currently holds 8,285 BTC, valued at around $1.02 billion. 

However, this is not the first time SpaceX has held more than $1 billion in bitcoin. 

Arkham data shows that SpaceX's holdings, traced back as far as the beginning of 2021, rose to a total valuation of $1.8 billion in April that year. This is when the company owned around 28,000 BTC.

SpaceX reportedly reduced its holdings by around 70% in mid-2022 to its current amount. This may have been prompted by a market-wide shock caused by the meltdown of Terra-Luna in May, the collapse of FTX in November and the subsequent domino effect. The company has not purchased more bitcoin since, according to the data.

Tesla also sold off a bulk of its bitcoin holdings in the same period, it holds 11,509 BTC, worth $1.42 billion.

Bitcoin saw a significant surge on Wednesday that drove its price beyond its previous all-time high record set in July. It is up 3.17% in the last 24 hours and is currently trading at $123,117, after reaching unprecedented highs of above $124,300 earlier. 

The world's largest cryptocurrency is now the fifth largest asset with a market capitalization of $2.452 trillion, overtaking Google's $2.448 trillion market cap.

Bitcoin's surge, alongside ether and other cryptocurrencies, was partly driven by positive anticipation of a September interest rate cut in the U.S. following cooler-than-expected macro data.

"Markets had anticipated July’s CPI to tick up slightly to 2.8% from June’s 2.7%," said Paul Howard, senior director at crypto market maker Wincent. "Instead, the figure held steady despite inflationary pressure from tariffs. This outcome is bullish for BTC and ETH, as it increases the likelihood of a potential U.S. rate adjustment."