A potential merger between SpaceX and Tesla would put a combined corporate Bitcoin treasury under one roof, even though the deal still faces significant governance hurdles. SpaceX disclosed 18,712 BTC in its June IPO filing, while Tesla reported this week that it still holds 11,509 BTC. Together, the companies control 30,221 BTC worth about $2.5 billion at current prices. If merged, that stash would rank sixth among public companies, ahead of Coinbase and Bullish but behind MARA Holdings.
The governance path remains complicated. SpaceX’s October 22 10-Q filing states that any potential combination with Tesla “would be subject to further approval by our special committee, our board of directors and our controlling shareholder.” Elon Musk controls roughly 85% of SpaceX’s voting power and has publicly endorsed the deal, but he recused himself from both special committees. Tesla shareholders must clear a 50%-of-all-outstanding-shares threshold, which Musk called “quite a high hurdle,” with a vote expected near Tesla’s December 3 annual meeting. REX Financial estimates Musk would hold roughly 57% of the combined company’s voting power.
Despite the scale of the combined holding, trader Scott Melker argues the merger would create “no new demand” for Bitcoin because the coins already exist on both balance sheets. He said consolidation would not remove additional supply from the market, and neither company has signaled plans to buy or sell. Tesla’s own Bitcoin history includes a $1.5 billion purchase in February 2021, a partial sale of 10% for $272 million, and a much larger July 2022 sale of 75% of its remaining Bitcoin for $936 million during COVID-era uncertainty in China.
