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Tesla hasn’t sold any of its remaining Bitcoin. And a possible merger with SpaceX could put both companies’ Bitcoin under one corporate roof.<\/p>\n
SpaceX disclosed 18,712 BTC in its June IPO filing. Tesla reported this week that it still holds 11,509 BTC. That brings their combined stash to 30,221 BTC, worth around $2.5 billion at current prices. If the two companies merge, their combined stash would rank sixth among public companies, ahead of Coinbase and Bullish but behind MARA Holdings.<\/p>\n
Elon Musk discussed the proposed merger during SpaceX’s earnings call on Tuesday. He said both companies had formed special committees of independent directors to study the idea. Musk thinks a merger would make sense, but there’s no deal yet. The committees haven’t agreed on terms, and shareholders would still need to approve it. Tesla needs backing from holders of 50% of all shares, which Musk called a high hurdle.<\/p>\n
Tesla hasn’t<\/a> always held on to its Bitcoin. It first disclosed a $1.5 billion purchase in February 2021, saying the move would diversify its cash reserves. Two months later, it sold 10% of its holdings for $272 million. Musk said the sale was meant to demonstrate Bitcoin’s liquidity as an alternative to cash.<\/p>\n Then came the bigger sale in July 2022. Tesla converted<\/a> 75% of its remaining Bitcoin into fiat currency, which brought in $936 million. Musk said the company wanted to preserve cash while uncertainty over China’s COVID-19 lockdowns weighed on its outlook.<\/p>\n For now, prominent trader Scott Melker believes that Tesla’s remaining position shows that holding can be “uneventful even when the accounting isn’t.” In a recent blog post, Melker explained<\/a> that the move would create “no new demand” for the crypto asset since it already exists on those balance sheets.<\/p>\n “A merger would consolidate their ownership, not take more supply off the market. Neither company has signaled that it plans to buy or sell. If this moves forward, I’ll be interested in what management wants to do with the combined holdings, but adding the balances together is not itself a bullish flow.”<\/p>\n<\/blockquote>\n The post Tesla and SpaceX Could Unite $2.5B in Bitcoin Without Buying a Single BTC<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nNo New Bitcoin Demand<\/h2>\n
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