- SpaceX and Tesla are said to be considering merging the two companies. According to informed circles, the first explorations have begun.
- This raises questions about the reason for such a group of companies and what it would mean for the existing, considerable Bitcoin assets.
According to the current quarterly figures, Tesla has around 11,509 and SpaceX around 8,285 Bitcoins on its balance sheet, a total of almost 20,000 BTC. In the event of a merger, this would result in one of the world’s largest Bitcoin assets for a single commercial company. While Tesla, as a listed stock corporation, is subject to strict disclosure requirements, SpaceX has so far operated in a comparatively non-transparent manner. A common corporate structure would eliminate this lack of transparency and lead to a reassessment.
Accounting, risks and valuation
The key question for crypto investors is how a merged company would deal with volatile Bitcoin. Since the introduction of the fair value accounting standard, listed companies have had to report Bitcoin profits and losses directly in the income statement.
This is an aspect that would be relevant in a potential SpaceX IPO with an expected valuation of up to $1.5 trillion. The new company’s Bitcoin position would be a factor in the valuation.
Another measurable factor affecting Tesla is the declining sales in the key markets of China and Europe, which threatens its existence. Evil tongues claim that Tesla is either heading into a merger or hitting the wall.
Historical experiences
Tesla’s erratic Bitcoin price also plays a role. After the spectacular entry in 2021 with a BTC purchase for $1.5 billion, a partial sale followed, and later the sale of around 75 percent of the assets in the bear market of 2022. This history does not speak for a reliable Bitcoin strategy as a player in the corporate crypto market.
Against this background, every structural change in the Musk syndicate is closely monitored. The current merger considerations do not yet change any operational plans, but they do bring the question of the future role of Bitcoin in the group back into focus.
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