Tesla-SpaceX Merger Talks Could Make Musk a Top Five Corporate Bitcoin Holder
CNBC reported Tuesday that Elon Musk is discussing a merger of Tesla and SpaceX, which would combine their disclosed bitcoin holdings into one of the largest corporate treasuries. The talks are unconfirmed, and the sources disagree on the size of the combined position.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
What Was Reported
CNBC reported Tuesday that Elon Musk is discussing a merger between Tesla and SpaceX, citing people familiar with the talks. According to that report, the combined company would hold roughly 30,000 bitcoin, which CoinDesk valued at $3.3 billion and Decrypt valued at about $2.27 billion. The gap reflects different bitcoin prices at the time of each article, and neither outlet has independently confirmed a merger.
The discussions are described as early. Decrypt cites CNBC's account that Musk has discussed folding the two companies together with colleagues, noting that the two firms already share a number of resources. Decrypt also notes that Musk has previously combined social media platform X with his xAI artificial intelligence firm, and is in the process of merging xAI with SpaceX. Whether a Tesla-SpaceX combination will happen remains uncertain.
The Disclosed Holdings
The two positions that would be combined come from separate filings. SpaceX disclosed 18,712 BTC in an SEC filing made last week in connection with a planned IPO. Decrypt reports the firm acquired that bitcoin for $661 million and has held the position since at least 2024. Tesla's most recent 10-Q filing shows 11,509 BTC, which Decrypt values at about $862 million. Added together, the two disclosed balances total 30,221 BTC.
On-chain activity has been less consistent with the filings. Decrypt cites Arkham Intelligence labeling data showing SpaceX moved funds on-chain for the first time in three years last July, and moved about $94 million in BTC in December. Data gathered at that time pointed to a holding of under 9,000 BTC, less than half of the figure in the company's SEC filing. Decrypt presents this as a discrepancy between on-chain tracking and the disclosed position, and the article does not establish which figure is correct.
Market Context
Decrypt reports bitcoin was down about 1.3% over the prior 24 hours, trading near $75,021. That price sits more than 40% below its all-time high of $126,080, set last October. Neither article ties the merger talks to a price move. Musk's personal exposure is also modest: he disclosed in 2020 that he held about 0.25 BTC, and Decrypt notes Musk's more active public history with Dogecoin.
If SpaceX proceeds with its IPO, it is seeking a valuation of roughly $1.75 trillion, which Decrypt says would be the largest IPO in history. Any merger with Tesla would be a separate transaction and has no announced terms.
Why It Matters
For Traders
Bitcoin is trading near $75,000 with no confirmed transaction, so any reaction to merger reports would rest on speculation rather than new supply or demand.
For Investors
A combined Tesla-SpaceX treasury would concentrate a large bitcoin position under one controller, a structural point to watch if a merger is formally announced.
For Builders
The gap between SpaceX's SEC-disclosed balance and Arkham's on-chain tracking shows wallet-attribution data can diverge sharply from official filings.
This article is for information only and is not financial advice. Read the full disclaimer.
