Elon Musk’s SpaceX Reaps Bitcoin Rewards With $700M Profit  

• SpaceX’s Bitcoin stash has risen to $851M, reflecting a $700M profit amidst the cryptocurrency’s ongoing price rally. 
• Bitcoin’s price surge, fueled by institutional interest and a new spot ETF, has significantly boosted corporate portfolios like SpaceX’s. 
• When it comes to Bitcoin transactions, SpaceX uses Coinbase Prime to ensure the security and soundness of such operations. 

Elon Musk’s American aerospace company SpaceX has turned into a key beneficiary of the currently surging Bitcoin (BTC) prices. The recent information from Arkham Intelligence showed that the firm has generated $700 million in profit from Bitcoin investments. 

SpaceX has been among the pioneer corporations to start accepting Bitcoin and at the moment, they own 8,285 BTC worth $851 million. This is a handsome improvement from its NETVAL of $134 million in November this year when the price of Bitcoin had dipped to a low. The company has kept insisting on its policy of not selling Bitcoins irrespective of the market trends. 

Coinbase Prime Custody and Transactions

Further, Arkham Intelligence also found out that SpaceX uses Coinbase Prime for handling its Bitcoin and has done more than 30 transactions since early 2021. Its functions have been dual and have included the ability to protect and effectively manage the increasing crypto-asset holdings of the company. 

With the start of a spot Bitcoin ETF in 2024, the digital currency has experienced multiple all-time high levels that have boosted SpaceX’s portfolio. At the moment, bitcoin is trading at $102,766 showing increasing tendencies to cross the $103,000 mark due to prevailing optimism in the market. 

Organizational adoption of Bitcoin is growing at a fast pace now. More proof of the rising interest in crypto investments came in November when BlackRock launched its Bitcoin ETF product and gathered $527 million in its debut. 

Apart from SpaceX, another Musk-owned company, Tesla Inc. has perused from the price surge of Bitcoin. After running past $1 billion only in November last year, Tesla’s Bitcoin investment has unveiled Musk’s calculated intervention in the crypto niche. 

As more institutions are getting involved in investments in Bitcoin, SpaceX, and the other corporate investors stand to gain even more by way of direct impacts from the commodity. Holding bitcoins also creates extra profits as the market in the financial tool expands, thus SpaceX stands to benefit.