If Tesla Merges With SpaceX, How Many Bitcoin Would Elon's Companies Hold?
Tesla Inc. and SpaceX , Elon Musk’s star companies, could consolidate 30,221 Bitcoin worth $2.56 billion through a potential merger.This would lead to the creation of the sixth largest entity among publicly traded corporate Bitcoin holders, without purchasing additional coins.In an X post on Oct. 22, industry key opinion leader Scott Melker highlighted that SpaceX holds 18,712 BTC, while Tesla owns 11,509 BTC.CryptoQuant highlighted the potential merger, noting that SpaceX generated $14.58 billion in Q3 revenue, compared with Tesla’s $28.05 billion.Musk said both companies have established independent committees to evaluate a potential merger, although no agreement has been reached.“The coins already exist on those balance sheets,” Melker explained, adding that neither company has indicated plans to buy or sell additional Bitcoin. This will not reduce the circulating supply also.How Did Bitcoin Contribute to TSLA’s Profit?Tesla reported a $288 million pre-tax unrealized Bitcoin gain in Q3, translating into $224 million after tax.That represented approximately 28% of Tesla’s $787 million GAAP net income, despite the company making no additional Bitcoin purchases.Melker cautioned that the accounting gain reflects Bitcoin’s price appreciation rather than cash generated from Tesla’s operations.Tesla sold most of its Bitcoin holdings in 2022 and has maintained its remaining position for approximately four years.Melker argued that the developments demonstrate how Bitcoin can become a conventional corporate balance-sheet asset without companies adopting a BTC-focused treasury strategy.Unlike Strategy Inc. , neither Tesla nor SpaceX has positioned Bitcoin accumulation as its primary business strategy.Preview Image: Shutterstock