Elon Musk could become one of the world’s top five corporate owners of Bitcoin (CRYPTO: $BTC) should his companies SpaceX and Tesla (NASDAQ: $TSLA) merge.
Rumors are circulating that electric vehicle maker Tesla and commercial space company SpaceX are likely to merge.
Should that merger happen, Elon Musk would control one of the largest corporate Bitcoin holdings in public markets, according to analysts.
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Tesla currently holds 11,509 Bitcoin, while SpaceX owns 18,712 BTC. Combined, the companies would control 30,221 Bitcoin worth $3.3 billion U.S. at current prices.
That total would make the merged company the fifth-largest corporate holder of Bitcoin in the world.
A combined Tesla and SpaceX would trail Strategy (NASDAQ: $MSTR), investment firm Twenty One Capital (NYSE: $XXI), and bitcoin mining firms Metaplanet (OTC: $MTPLF) and Marathon Digital (NASDAQ: $MARA).
Tesla first bought Bitcoin in 2021 and briefly accepted the cryptocurrency for vehicle payments before suspending the option over environmental concerns related to crypto mining.
Rumors of a Tesla and SpaceX merger come ahead of an expected initial public offering (IPO) by SpaceX in June of this year.
SpaceX is expected to begin trading on the Nasdaq (NASDAQ: $NDAQ) exchange at a valuation of $1.25 trillion U.S., making it the largest IPO in history.
TSLA stock has risen 0.52% this year to trade at $440.36 U.S. per share.