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Any agreement involving SpaceX and Tesla would subtly unify one of the largest corporate bitcoin portfolios globally under one entity.
Key points:
- Elon Musk’s consideration of a potential merger involving SpaceX, Tesla, or xAI is drawing attention to the companies’ combined bitcoin holdings of nearly 20,000, valued at approximately $1.7 billion.
- A merger would unify one of the largest corporate bitcoin positions globally under a single entity, prompting discussions about governance, accounting methods, and investor examination as bitcoin prices remain unpredictable.
- The discussions arise as SpaceX contemplates a potential IPO, while Tesla’s inconsistent history with bitcoin, including significant acquisitions, sales, and recent losses due to fair-value accounting regulations, continues to influence investor views on Musk-associated cryptocurrency exposure.
In this article
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Elon Musk’s exploration of a possible merger involving SpaceX, Tesla, or the artificial intelligence company xAI has brought renewed focus to a less discussed aspect of his business empire: one of the largest corporate bitcoin holdings worldwide.
SpaceX and Tesla collectively possess nearly 20,000 bitcoin, according to public disclosures, a reserve valued at approximately $1.7 billion at current market prices. This would position the entity as the seventh largest BTC holder globally, just behind CoinDesk-owner Bullish’s 24,300 BTC.
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Although any agreement is still in its early stages and may not materialize, such a combination would centralize that exposure under one corporate structure during a time when bitcoin prices are once again fluctuating and investor scrutiny is heightened.
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SpaceX has owned bitcoin since early 2021 and currently holds about 8,285 BTC, valued at approximately $680 million. Tesla, on the other hand, possesses 11,509 BTC, worth nearly $1 billion, and reported no alterations to that position in the fourth quarter of 2025.
The electric vehicle manufacturer recorded a $239 million after-tax loss on its digital assets last quarter as bitcoin plunged from around $114,000 to the high $80,000 range.
A merger would not alter the fundamentals of bitcoin, but it would redefine how one of the largest corporate positions is governed, accounted for, and potentially financed.
Tesla operates as a public company subject to fair-value accounting standards, meaning fluctuations in bitcoin prices directly impact earnings. SpaceX, which remains private, has thus far avoided that level of quarter-to-quarter transparency.
This distinction is significant as SpaceX considers a potential IPO that could value the company at around $1.5 trillion. Crypto exposure, even if passive, becomes a part of the due diligence process for major institutional investors, some of whom are still cautious regarding digital assets on corporate balance sheets.
Tesla’s previous interactions with bitcoin continue to cast a long shadow. The company reported a $1.5 billion acquisition in early 2021, sold part of it shortly thereafter, and then disposed of approximately 75% of its holdings in 2022 near bear-market lows.
This episode has branded Tesla as a prominent yet inconsistent corporate holder, making any renewed scrutiny on Musk-related bitcoin reserves more sensitive.
Consequently, neither company has indicated intentions to acquire or dispose of bitcoin as part of the merger discussions, and the holdings constitute a minor portion of daily trading volumes.
Nonetheless, corporate consolidation holds importance at the margins, especially as bitcoin’s narrative as a balance-sheet asset faces renewed scrutiny amidst gold’s rise and broader risk-off trends.
Whether SpaceX ultimately merges with Tesla, partners with xAI, or remains independent, the discussions underscore how bitcoin has subtly integrated into some of the world’s most valuable technology enterprises.
Even when bitcoin does not take center stage, it persists on the balance sheet — and that alone is sufficient to keep investors attentive.
