Elon Musk's potential merger involving SpaceX and Tesla has cast a spotlight on their substantial bitcoin holdings. Together, they control nearly 20,000 bitcoin, making them one of the largest corporate holders globally, according to CoinDesk. This merger could consolidate these assets under one corporate umbrella, which is noteworthy given the current volatility in bitcoin prices.

SpaceX holds about 8,285 bitcoin, valued around $680 million, while Tesla possesses 11,509 bitcoin, valued near $1 billion. Tesla's position remained unchanged in the fourth quarter of 2025, despite a reported $239 million after-tax loss on its digital assets. The prospect of a merger raises questions about how these bitcoin holdings would be managed and accounted for, especially as Tesla follows fair-value accounting rules that expose it to bitcoin's price swings.

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As SpaceX considers a potential IPO, its bitcoin exposure could impact investor perceptions. The cautious sentiment surrounding corporate bitcoin holdings, especially after Tesla's history with the asset, adds another layer of complexity. Tesla's prior $1.5 billion bitcoin purchase and later sell-off near market lows have led to a perception of inconsistency.

While neither company has indicated plans to change their bitcoin positions during merger discussions, the conversation highlights the growing integration of bitcoin in major tech firms. This scrutiny is vital as bitcoin's role as a balance-sheet asset faces renewed debate amid shifts in the broader financial landscape.

Ultimately, whether SpaceX merges with Tesla or remains independent, the focus on their bitcoin holdings reveals how deeply embedded cryptocurrency has become in corporate strategy.