Elon Musk’s proposed combination of SpaceX and Tesla would bring 30,221 bitcoin under one corporate balance sheet, creating one of the largest non-mining corporate cryptocurrency treasuries. The potential deal remains exploratory, and neither company has indicated that it plans to buy or sell bitcoin.
Two Corporate Holdings in Focus
Musk discussed the possibility during SpaceX’s third-quarter earnings call, saying the boards of both companies had created special committees made up of independent directors to consider a transaction. He also warned that describing a merger as certain would overstate the situation.
Tesla reported holdings of 11,509 BTC in its latest quarterly filing. SpaceX disclosed 18,712 BTC in the S-1 registration statement filed ahead of its June initial public offering. Combined, those holdings amount to 30,221 BTC.
At bitcoin’s recent price of approximately $83,000 cited in the report, the combined position was valued at about $2.5 billion. According to Decrypt, that would put a merged company among the largest publicly held corporate bitcoin owners, behind companies including Michael Saylor’s Strategy and a small number of others.
SpaceX’s Previously Undisclosed Treasury
SpaceX’s contribution is notable because its bitcoin position was not visible to public markets until the IPO filing. The company had accumulated the coins over several years while remaining private, and its disclosed balance was more than twice the amount previously attributed to SpaceX wallets by blockchain trackers.
The combined cost basis for Tesla’s and SpaceX’s holdings is estimated at around $1 billion. That implies an average purchase price of approximately $35,000 per bitcoin across the two companies’ positions.
A corporate bitcoin treasury is a company’s cryptocurrency holdings recorded as an asset on its balance sheet. Bringing the two positions together would not affect the Bitcoin network or change the coins themselves. The main change would be that the holdings would belong to a single public company if the merger were completed.
Governance, Disclosure and Accounting
A combined public vehicle would make the treasury more concentrated and subject to one company’s quarterly financial disclosures. It would also bring the full position under the applicable fair-value accounting treatment. The source report noted that this accounting approach recently required Tesla to record a loss when bitcoin declined.
Neither Tesla nor SpaceX has announced a plan to increase or reduce its holdings. SpaceX last moved bitcoin in prior years, while Tesla has reported no changes to its position. The proposed merger therefore does not currently represent a new purchase or sale of bitcoin; its significance lies in the possible consolidation of existing assets.
For now, the $2.5 billion estimate is conditional on a transaction that Musk described as uncertain. The treasury would become part of one company only if the exploratory merger proceeds.
Current Market Picture
Moneyiar market data at 22 October 2026, 23:29 +03:30, showed Bitcoin at $81,247.103528717, down 3.59% over 24 hours and 1.08% over seven days. At that price, the reported 30,221 BTC would be worth approximately $2.46 billion, before considering any changes in holdings or valuation.
