Merger Among Elon Musk's Companies: What Will Happen to 20,000 Bitcoin?

In recent days, discussions about a potential merger between Elon Musk's SpaceX, Tesla, and xAI have captured the attention of investors. It is believed that this merger could have significant impacts on the management of the total 20,000 Bitcoin (BTC) held by these companies. This situation, which translates to an approximately 1.7 billion dollars corporate Bitcoin treasury at current values, could create serious reverberations in the cryptocurrency market.

SpaceX has held 8,285 Bitcoin on its balance sheet for the past two years, which is worth about 680 million dollars today. Tesla, on the other hand, has a significant digital asset position with 11,509 Bitcoin. It has been reported that Tesla did not make any changes to this position in the last quarter of 2025. However, due to the pullback in Bitcoin prices, Tesla had to write down 239 million dollars in after-tax losses from its digital assets.

If the merger were to take place, there may not be a direct change in the supply or price dynamics of Bitcoin, but how such a large Bitcoin position will be accounted for and presented to investors remains among the important questions. Tesla's status as a public company means that fluctuations in Bitcoin prices directly impact its balance sheet. On the other hand, it is claimed that SpaceX, due to its private company structure, has managed to avoid this transparency until now. There are discussions about SpaceX preparing for an IPO, with the company's valuation potentially nearing 1.5 trillion dollars.

Elon Musk's relationship with Bitcoin has caused investors to adopt a cautious stance. Tesla's previously erratic strategy regarding Bitcoin transactions is still fresh in the minds of investors. Following the 1.5 billion dollar purchase made in 2021, subsequent sales and the major exit in 2022 positioned the company as an "unstable corporate Bitcoin investor." Therefore, regardless of how a structure is established between SpaceX and Tesla, the Bitcoin holdings within the Musk ecosystem continue to be a quietly but carefully monitored subject for market observers.