Elon Musk’s proposal to merge Tesla and SpaceX could bring together a combined Bitcoin stash worth around $2.5 billion. SpaceX disclosed holding 18,712 BTC in its June IPO filing, while Tesla reported this week that it still holds 11,509 BTC. Together, their holdings would total 30,221 BTC, placing them sixth among public companies if the merger goes through.
Musk discussed the potential merger during SpaceX’s earnings call on Tuesday, noting that both companies have formed special committees to study the idea. However, no deal has been finalized, and shareholders would need to approve it. Tesla would require backing from holders of 50% of all shares, which Musk described as a high hurdle.
Tesla’s Bitcoin holdings have fluctuated over the years. The company first disclosed a $1.5 billion purchase in February 2021, then sold 10% of its holdings for $272 million two months later. In July 2022, Tesla converted 75% of its remaining Bitcoin into fiat currency, bringing in $936 million.
Prominent trader Scott Melker noted that a merger would consolidate ownership but not create new demand for Bitcoin. He explained that adding the balances together is not itself a bullish flow, as neither company has signaled plans to buy or sell more BTC.