SpaceX and Tesla boards weigh merger that would combine 30,221 BTC
In brief
- SpaceX and Tesla boards each formed special committees of independent directors to consider a merger, Musk said.
- Musk warned that calling a deal a certainty would be overstating it.
- Tesla holds 11,509 BTC and SpaceX disclosed 18,712 BTC, per company filings.
- Combined holdings total 30,221 BTC, roughly $2.5 billion at a Bitcoin price near $83,000.
- Neither company has signaled plans to buy or sell Bitcoin.
What Musk said on the call
Musk didn't pitch this as a done deal. He warned that calling a merger a certainty would be overstating it, and Decrypt described the transaction as exploratory.
cautioning that treating a deal as “a certainty” would be “overstating it.”
It's a committee process, not a signed agreement.
The Bitcoin on each balance sheet
Tesla reported 11,509 BTC in its most recent quarterly filing. SpaceX disclosed 18,712 BTC in the S-1 it filed before its June IPO. Together, that's 30,221 BTC, which Decrypt valued at roughly $2.5 billion using a recent price near $83,000 (so treat the dollar figure as an estimate).
The rocket maker's stack was effectively invisible to public markets until that IPO filing. Decrypt reported the disclosed amount was more than double what blockchain trackers had previously attributed to SpaceX wallets, and it put the two firms' combined cost basis around $1 billion, which implies an average buy price near $35,000 per coin.
Neither company has signaled plans to buy or sell. Both positions have stayed static, with SpaceX last moving coins in prior years and Tesla reporting no changes.
Why a combined treasury matters
According to Decrypt, a merger would stack one of the largest non-mining corporate Bitcoin positions anywhere under Musk's control. That'd place the merged company among the top few public holders, behind Michael Saylor's Strategy and a few others.
It would also change how all of that BTC gets reported. The combined holdings would sit inside a single public vehicle subject to quarterly disclosures and fair-value accounting, the same accounting that recently forced Tesla to book a loss as Bitcoin's price slid.
For now, the special committees are still weighing it.
Frequently asked questions
How much Bitcoin do Tesla and SpaceX hold combined?
Tesla reported 11,509 BTC in its most recent quarterly filing, and SpaceX disclosed 18,712 BTC in the S-1 it filed before its June IPO. Together that's 30,221 BTC, which Decrypt valued at roughly $2.5 billion at a Bitcoin price near $83,000.
Have SpaceX and Tesla agreed to merge?
No. Musk said both boards formed special committees of independent directors to consider a merger, but warned that calling a deal a certainty would be overstating it. Decrypt described the potential transaction as exploratory.
