Bitcoin: Is Elon Musk Building a 30,221 BTC Empire?

Tesla and SpaceX are officially studying a possible merger. Elon Musk confirmed that the two companies have formed special committees of independent directors to examine the operation. No agreement has been concluded yet. For bitcoin, the merger would have an immediate paper effect: the two groups together hold 30,221 BTC, with 18,712 bitcoins at SpaceX and 11,509 at Tesla.

Tesla and SpaceX officially put the merger on the table

It is no longer just analyst speculation. When releasing SpaceX’s results, Elon Musk confirmed that committees composed of independent directors from both companies are now examining a possible merger.

The CEO had recently seen Tesla keep its 11,509 BTC despite the market downturn. Musk is in favor of the merger. However, he does not directly participate in the committees’ discussions because of his position in both companies.

No conditions have been publicly negotiated. The merger would also require shareholder approval. For Tesla, Musk mentioned a particularly high threshold: approval by holders representing 50% of all outstanding shares, not just 50% of votes cast.

The operation is therefore under study. It is not yet decided. The two companies already collaborate in several areas, notably semiconductors, artificial intelligence, robotics and certain connectivity technologies.

30,221 bitcoins united in the same group

The crypto part of the equation is easy to calculate. SpaceX holds 18,712 BTC. This number appeared in regulatory documents published during its IPO. At the time, the company had revealed a Bitcoin reserve far higher than on-chain estimates.

Tesla itself owns 11,509 BTC. Total: 30,221 BTC. At around $82,700, this portfolio represented almost $2.5 billion.

A merger would thus put the two reserves under the same economic group. This does not necessarily mean that all bitcoins would be moved to a single address or immediately grouped in a single treasury.

The strategies of the two companies have also been different. Tesla bought $1.5 billion of Bitcoin in 2021 before selling most of its position in 2022. Its remaining 11,509 BTC have hardly moved since.

SpaceX also reduced its bitcoins compared to its historical positions, but its financial documents confirmed it still held 18,712 BTC in 2026. For Musk, bitcoin thus still represents several billion dollars spread between his two biggest companies.

A merger valued at over $3 trillion is far from certain

The operation would go far beyond just the Bitcoin question. SpaceX is currently worth over $2 trillion on the stock market, while Tesla approaches $1.5 trillion according to market valuations reported this week. A combination could therefore create a group weighing around $3.5 trillion.

SpaceX also comes with fast-growing business. Its third-quarter revenue reached $14.58 billion, up 161% year-on-year, for $4.4 billion in net profit.

The merger could bring together rockets, Starlink, electric cars, robots, AI and semiconductors under a more integrated structure. Bitcoin would constitute a small part of the overall balance sheet, but a very visible one.

The two companies already rank among the large tech companies directly exposed to BTC. Several obstacles remain however before any transaction: shareholder approval, respective company valuations, regulation and management of conflicts of interest related to Musk. The independent committees have just begun their work. For now, the 30,221 BTC are very real. Their merger into a single company remains hypothetical.

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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.