SpaceX and Tesla weigh merger that would pool 30,221 BTC
Elon Musk says independent committees at SpaceX and Tesla are studying a merger. A deal would combine 30,221 bitcoin, but no terms have been agreed yet.
CryptoGroup Newsroom · · 3 min read
SpaceX and Tesla are studying a possible merger, Elon Musk said on Tuesday — a combination that would put two of the largest corporate bitcoin holders under one roof with a combined 30,221 BTC. Musk, who runs both companies and is a major shareholder in each, made the remarks during SpaceX's third-quarter earnings call, CoinDesk reported.
What Musk said
Both boards have formed special committees made up of independent directors to examine a tie-up. Because he sits on both sides, Musk said he cannot take part in those discussions and described the process as an "odd kabuki dance." He was open about his own view: he thinks a merger would be a good idea, but said shareholders would ultimately have to support it. He also stressed that the committees have not agreed on any terms.
The bitcoin angle
- SpaceX: 18,712 BTC, according to the figures cited by CoinDesk.
- Tesla: 11,509 BTC.
- Combined: 30,221 BTC — about $2.5 billion at the roughly $82,700 bitcoin price quoted on Wednesday morning.
That would rank the merged company among the bigger corporate holders, although still far behind dedicated treasury firms such as Strategy, whose index status is itself under review — see our report on MSCI's new "non-operating company" rules. Neither SpaceX nor Tesla has said anything about changing how it holds its coins. For how other listed firms have been adding BTC, see Strive's 3,311-bitcoin purchase.
Ownership and earnings
Musk owns about 36% of SpaceX outright, or 48.4% counting restricted shares and unexercised options, based on a June filing. His beneficial stake in Tesla is reported at 19.8%, including restricted compensation shares.
SpaceX's quarter beat forecasts: revenue came in at $14.58 billion against a $12.7 billion consensus, and earnings per share were 35 cents versus 15 cents expected. Capital spending reached $19.59 billion, of which $16.44 billion went to AI. The shares climbed about 9% to around $161 in Wednesday premarket trading.
What's next
Tesla reports after Wednesday's US close; analysts expect revenue of $28.13 billion and adjusted earnings of 44 cents a share. Any merger proposal would have to come from the independent committees and win shareholder support. New to holding BTC directly? Start with how to buy bitcoin.
Frequently asked questions
Have SpaceX and Tesla agreed to merge?
No. Elon Musk said independent committees at both companies are assessing a possible merger, but they have not agreed on any transaction terms.
How much bitcoin would a merged company hold?
SpaceX's reported 18,712 BTC plus Tesla's 11,509 BTC would give 30,221 BTC, worth roughly $2.5 billion at a bitcoin price near $82,700.
Will either company sell its bitcoin?
Neither company has announced any change to its bitcoin holdings in connection with the merger talks.
This article is for information only and is not financial advice. Crypto assets are volatile; do your own research. Read our disclaimer
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