Talks about a potential merger involving SpaceX, Tesla or the AI firm xAI have put a spotlight on the combined bitcoin holdings tied to Elon Musk’s companies. Public disclosures show SpaceX and Tesla together hold nearly 20,000 bitcoin, a position worth roughly $1.7 billion at current prices. While any deal is still preliminary, the discussions matter because they would concentrate that corporate bitcoin exposure under a single entity.
SpaceX-Tesla Bitcoin Holdings Overview
According to public filings, SpaceX currently controls about 8,285 BTC, worth roughly $680 million, while Tesla holds 11,509 BTC, valued near $1 billion. Together the two companies’ stake would rank among the world’s largest corporate bitcoin positions. Tesla reported no change to its bitcoin position in the fourth quarter of 2025, leaving the combined holdings near 20,000 BTC and an aggregate value of about $1.7 billion.
Merger Implications for Corporate Bitcoin Management
A combination of the companies would concentrate bitcoin exposure under one corporate structure, which changes how that exposure is governed, reported and potentially financed. Tesla is a public company and uses fair-value accounting for digital assets, so price swings flow through earnings, while SpaceX—still private—does not face the same quarter-to-quarter visibility. That accounting difference is relevant for any potential IPO or valuation process, and crypto exposure will be part of investor due diligence.
Tesla's Volatile Bitcoin History
Tesla’s bitcoin activity has been uneven: the company disclosed a $1.5 billion purchase in early 2021, sold some holdings shortly after, and later sold roughly 75% of its position in 2022. More recently, Tesla booked a $239 million after-tax loss on its digital assets in Q4 2025 as bitcoin slid from around $114,000 to the high $80,000s, an episode that shaped perceptions of Tesla as an inconsistent corporate holder. For background on that quarterly loss, see Tesla's $239M loss.
Investor Scrutiny and Market Context
Even if the merger would not change bitcoin’s fundamental supply-and-demand dynamics, concentrating a large corporate stash raises governance and transparency questions for institutional investors. Corporate crypto reserves and how companies disclose them are increasingly part of investor assessments, and that scrutiny grows when a large private company considers going public. For wider context on how firms hold crypto on their balance sheets, see corporate crypto reserves.
Why this matters
For a miner operating in Russia with anywhere from a single rig to a few hundred, the talks themselves do not change how the Bitcoin network works or daily liquidity in meaningful ways. However, the merger would make one of the largest corporate bitcoin positions more visible and centralized, which can affect investor sentiment and media attention—factors that sometimes amplify price volatility. Because Tesla’s accounting treated price swings as earnings impacts, public-company holdings can produce headline-making gains or losses that reverberate through markets.
What to do?
- Keep operational focus: continue monitoring your rigs, power costs and uptime; corporate-level news rarely forces immediate changes at the mining-farm level.
- Track price and liquidity: maintain awareness of market moves and ensure you can sell or hedge without relying on headlines—large corporate holders represent only a fraction of daily trading volumes.
- Document holdings and transactions: keep clean records for accounting and tax reporting, especially if you occasionally sell mined coin or use it for expenses in Russia.
- Watch reporting differences: understand that public companies show unrealized gains or losses differently than private firms, which can increase short-term market attention during earnings seasons.
- Follow trusted updates: monitor filings and official disclosures rather than rumors; for related market moves, see recent institutional activity such as the Strategy purchase.
