Elon Musk’s consideration of a potential merger with SpaceX, Tesla or artificial intelligence company xAI has put renewed focus on a lesser-discussed part of his empire: one of the world’s largest Bitcoin holdings.
According to publicly disclosed information, SpaceX and Tesla collectively hold nearly 20,000 Bitcoins, which are worth approximately $1.7 billion at current prices. This would make the entity the seventh-largest BTC holder in the world, behind CoinDesk owner Bullish’s 24,300 BTC.
While any deal is still in its preliminary stages and could still fall apart, a merger would concentrate risks under a single corporate structure at a time when Bitcoin prices are once again volatile and investor scrutiny is intense.
SpaceX has held Bitcoin since early 2021 and currently controls approximately 8,285 Bitcoins, worth approximately $680 million. Meanwhile, Tesla holds 11,509 BTC, worth nearly $1 billion, and reported no change in the position in the fourth quarter of 2025.
Last quarter, as Bitcoin fell from around $114,000 to a high of $80,000, the electric car maker posted an after-tax loss on digital assets of $239 million.
The merger won’t change Bitcoin’s fundamentals, but it will reshape the governance, accounting and potential financing of one of the largest companies.
Tesla is a public company subject to fair value accounting rules, which means that fluctuations in the price of Bitcoin directly affect earnings. SpaceX, which remains private, has so far avoided such quarter-to-quarter visibility.
The difference is important as SpaceX considers a possible IPO that could value the company at close to $1.5 trillion. Cryptocurrency exposure, even passively, becomes part of the due diligence process for large institutional investors, some of whom remain wary of digital assets on corporate balance sheets.
Tesla’s past dealings with Bitcoin still matter. The company disclosed a $1.5 billion acquisition plan in early 2021, sold part of it shortly after, and then sold off about 75% of its shares near the 2022 bear market lows. time
The incident solidified Tesla’s reputation as a high-profile but volatile business holder, making any renewed focus on Musk-related Bitcoin treasuries even more sensitive.
As a result, neither company has said it plans to buy or sell Bitcoin in merger discussions, and the Bitcoin holdings represent only a fraction of daily trading volume.
Still, corporate concentration remains important, especially against the backdrop of gold’s surge and broader safe-haven flows, with Bitcoin’s claim as a balance sheet asset facing renewed debate.
Whether SpaceX ends up merging with Tesla, partnering with xAI or remaining independent, the talks highlighted how Bitcoin is quietly integrating itself into some of the world’s most valuable tech companies.
Even if Bitcoin isn’t in the headlines, it’s still on the balance sheet — and that alone is enough to keep investors paying attention.