The possibility of Elon Musk driving a merger involving SpaceX, Tesla, or xAI is attracting attention as these three companies collectively hold nearly 20,000 bitcoins, worth approximately $1.7 billion at current prices. If consolidated, this would become one of the largest corporate bitcoin treasuries in the world under a single structure, raising questions about governance, accounting, and investor oversight amid volatile bitcoin prices.
SpaceX is believed to hold around 8,285 BTC, while Tesla owns 11,509 BTC and has not changed its holdings in Q4/2025. Tesla alone recently reported a net loss of $239 million from digital assets due to a sharp decline in bitcoin prices in the most recent quarter, reflecting the direct impact of market value-based accounting standards on a publicly listed company.
A merger would not alter the fundamental nature of bitcoin, but it could change how one of the largest corporate bitcoin positions is managed, accounted for, and perceived in the capital markets. This is especially noteworthy as SpaceX is reportedly considering an IPO, while Tesla’s inconsistent history of buying and selling bitcoin continues to make investors sensitive to any moves related to this asset within Musk’s ecosystem.
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