SpaceX Becomes One of the Biggest Beneficiaries of the Ongoing Bitcoin (BTC) Price Boom

American aerospace technology giant SpaceX has seen its coffers swell thanks to the recent Bitcoin price surge.

According to data platform Arkham Intelligence, the rocket manufacturer has seen a $700 million profit in its Bitcoin holdings, which have soared from an all-time low of $134 million on Nov. 29, 2022.

The firm has continued to HODL its Bitcoin stash, surviving the multi-year consolidation of Bitcoin. With a spot Bitcoin ETF being launched in January 2024 and the price of Bitcoin hitting multiple all-time highs, the SpaceX balance has skyrocketed. However, the firm’s BTC holdings are yet to reclaim their highest level of more than $1.6 billion.

According to the Arkham data, SpaceX keeps custody of this BTC stash on Coinbase Prime. Since 2021, the firm has conducted more than 30 transactions, with Coinbase Prime being the center point of all the transfers.

This news comes as no surprise, given that SpaceX is known for its early adoption of cryptocurrencies. In 2021, the company began accepting Dogecoin for its merchandise sales.

With the recent rally in Bitcoin prices, several institutional investors have shown interest in entering the market. BlackRock Inc raked in $527 million in its Bitcoin ETF product on Nov. 16, highlighting the massive interest in the offering.

If this trend continues, firms like SpaceX may see additional profits from their Bitcoin holdings.