Elon Musk’s Companies Spotlight Massive Bitcoin Holdings Amid Merger Speculation

Renewed speculation around a potential merger involving Elon Musk’s companies, including SpaceX, Tesla, or artificial intelligence firm xAI, has drawn fresh attention to a lesser-known but significant part of his business empire: one of the world’s largest corporate bitcoin holdings. Together, SpaceX and Tesla control nearly 20,000 bitcoin, according to public disclosures, a combined stash valued at approximately $1.7 billion at current market prices. This would position the merged entity as the world’s seventh-largest corporate bitcoin holder, just behind CoinDesk-owner Bullish.

While any merger remains preliminary and far from guaranteed, combining these companies would concentrate a substantial amount of bitcoin exposure under a single corporate structure. This comes at a time when bitcoin price volatility is back in focus and investor scrutiny of digital assets on corporate balance sheets is intensifying.

SpaceX has held bitcoin since early 2021 and currently owns about 8,285 BTC, worth roughly $680 million. Tesla, meanwhile, holds 11,509 BTC valued near $1 billion and reported no changes to its position in the fourth quarter of 2025. However, Tesla recorded a $239 million after-tax loss on its digital assets last quarter as bitcoin fell sharply from around $114,000 to the high $80,000 range.

A merger would not alter bitcoin’s underlying fundamentals, but it could significantly affect how one of the largest corporate bitcoin positions is governed, accounted for, and potentially financed. Tesla, as a public company, must apply fair-value accounting, meaning bitcoin price swings directly impact earnings. SpaceX, still privately held, has largely avoided that level of transparency.

This distinction is especially relevant as SpaceX weighs a possible IPO rumored to value the company near $1.5 trillion. Even passive crypto exposure becomes part of institutional due diligence, particularly among investors still cautious about corporate involvement with digital assets. Tesla’s history with bitcoin, including large purchases, partial sales, and a major sell-off during the 2022 bear market, continues to influence investor perception.

Although neither company has indicated plans to buy or sell bitcoin as part of merger discussions, the situation highlights how deeply bitcoin is embedded within major technology firms. Even without headlines, its presence on corporate balance sheets ensures investors remain watchful.