Elon Musk’s Two Companies: Divergent Paths on Bitcoin. Who Made the Smarter Move?

Tesla and SpaceX both bet on Bitcoin, but one company held firm while the other cashed out early. The gap between those two choices has since grown into a multi-billion dollar question about risk, timing, and who really understood the…

Published October 8, 2026, 7:30am ET · 3 min read

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A bronze bull statue stands to the left of a stack of three gold Bitcoin coins on a dark background. Behind them, a translucent overlay of green and red candlestick charts indicates market fluctuations. The bull faces right, towards the Bitcoin coins, which are centrally placed and well-lit.
A bronze bull and a stack of Bitcoin coins, set against a backdrop of market charts, illustrate the volatile world of cryptocurrency investments and contrasting corporate strategies. © Kaspars Grinvalds / Shutterstock.com

Elon Musk oversees both Tesla (NASDAQ: TSLA | TSLA Price Prediction) and SpaceX (NASDAQ: SPCX), and their differing Bitcoin (CRYPTO: BTC) strategies tell two very different stories. In 2022, Tesla sold about 75% of its Bitcoin near $29,000, while SpaceX held onto 18,712 Bitcoin right into its Nasdaq debut on June 12, 2026.

As of October 8, Bitcoin’s price has surged to around $83,000—almost three times the price Tesla sold at. This raises the question: which company made the better Bitcoin decision?

Why Tesla Sold Most of Its Bitcoin in 2022

Elon Musk silhouette with Tesla logo

Shutterstock

In early 2021, Tesla invested $1.5 billion in Bitcoin. However, by 2022, COVID lockdowns in China impacted its operations, prompting the company to sell 75% of its Bitcoin for $936 million. Musk stated the goal was to “maximize our cash position.”

For businesses, a corporate treasury is critical for covering expenses like payroll, supplies, and factory operations. Because Bitcoin is such a volatile asset, it could greatly affect reported earnings, making Tesla’s decision to convert most of its Bitcoin into cash a sensible strategy under the circumstances.

Despite this significant sale, Tesla retained some Bitcoin. According to its quarterly report as of March 31, 2026, the company still holds 11,509 Bitcoin, which it bought for $386 million and is currently valued at around $955 million.

SpaceX Held 18,712 Bitcoin Into Its IPO

A prominent golden Bitcoin physical coin is positioned in the foreground, featuring the iconic 'B' symbol and engraved text including 'BITCOIN DIGITAL DECENTRALIZED PEER TO PEER' along its edge. The coin reflects on the clean, white surface it sits upon. The background is a blurred digital display showing a financial chart with dynamic green, purple, and yellow trend lines undulating over a dark blue background, overlaid with lighter grey bar graphs, conveying market movement.

William Potter / Shutterstock.com

In contrast, SpaceX took a different approach. The company reported holding 18,712 Bitcoin at a cost of $661 million in its IPO filing. SpaceX maintained its Bitcoin position when its shares began trading in June 2026.

With Bitcoin currently valued at about $83,000, SpaceX’s holding is now worth approximately $1.55 billion, or about 2.3 times its initial investment. This makes SpaceX the ninth-largest public holder of Bitcoin, ahead of Tesla, which ranks twelfth.

Additionally, SpaceX shareholders benefit from Bitcoin exposure bundled with the company’s broader operations. Unlike buying Bitcoin directly, investors don’t get to choose how to mix their investment.

Tesla’s Bitcoin Sale Cost It About $1.7 Billion in Hindsight

Crypto currency coin set collection, bitcoin, ethereum, litecoin, ripple. Digital currency. Cryptocurrency. Silver and golden coins with bitcoin, ripple, litecoin and ethereum symbol.

DaLiu / Shutterstock.com

Since Tesla sold its Bitcoin near $29,000, the cryptocurrency’s value has jumped by approximately 186%. The coins Tesla converted into $936 million would now be worth around $2.7 billion, meaning the company potentially missed out on about $1.7 billion.

However, this assessment relies on hindsight. Bitcoin’s price dipped below $16,000 in November 2022, shortly after Tesla’s sale. By selling when it did, Tesla avoided significant losses while its factories were still recovering. The company’s strategy reflects the careful risk management that any business holding Bitcoin must consider.

Tesla or SpaceX: Which Made the Smarter Bitcoin Move?

In hindsight, SpaceX emerged with the stronger outcome. The company has more than doubled its investment by holding onto its 18,712 Bitcoin, while Tesla’s decision to sell cost it about $1.7 billion in potential gains. Still, Tesla’s approach was reasonable given its need for cash during the Shanghai lockdowns, and it retained a significant amount of Bitcoin that has also appreciated in value.

Both companies still have Bitcoin on their balance sheets, so the comparison between their decisions may change. Future quarterly reports could alter the landscape—if either company decides to sell or if Bitcoin’s price dips closer to $29,000, the difference in their decisions could narrow or even reverse.

Contact [email protected] for any questions or corrections.

Sam Daodu

Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing

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