Skip to Content

What crypto does Elon Musk own?

Elon Musk is one of the most influential voices in the crypto space. As the CEO of Tesla and SpaceX, as well as one of the richest people in the world, his opinions on cryptocurrencies often move markets. But beyond his market-moving tweets, what crypto does Musk actually own?

Musk’s History with Crypto

Musk has had a tumultuous relationship with cryptocurrencies over the years. In 2021, he announced that Tesla would accept Bitcoin as payment for its vehicles. This news sent Bitcoin soaring to new highs. However, Musk later suspended Bitcoin payments due to environmental concerns over its energy usage. This reversal sent Bitcoin’s price tumbling.

Despite suspending Bitcoin payments, Musk has remained highly engaged in cryptocurrency conversations on Twitter. He often tweets about Dogecoin, a meme cryptocurrency that Musk seems to genuinely enjoy. His tweets praising “the people’s crypto” have helped push Dogecoin into the top 10 largest cryptocurrencies by market capitalization.

In addition to Dogecoin, Musk has tweeted favorable comments about Ethereum and has criticized Web3 skeptics. However, he has also raised concerns about Web3 being too centralized and expressed a desire to learn more about blockchain technology.

Dogecoin

By far the cryptocurrency most associated with Elon Musk is Dogecoin. Musk has repeatedly tweeted about Dogecoin since 2019, often sharing memes and jokes that have then been amplified by his legions of followers.

In 2021, Musk stated that SpaceX would launch a satellite called “Doge-1” paid for entirely in Dogecoin. He also claimed that he was working with Dogecoin developers to improve transaction efficiency. These comments caused a surge in Dogecoin’s price.

Musk’s revealed in several interviews that he personally owned Dogecoin and sees it as a cryptocurrency with greater long-term potential than Bitcoin for transactions. “The transaction volume of Bitcoin is low and the cost per transaction is high,” Musk said, implying Dogecoin could be better for everyday use.

Date Musk’s Dogecoin Tweet
April 2, 2019 “Dogecoin might be my fav cryptocurrency. It’s pretty cool.”
April 30, 2021 “The Dogefather will take us to the moon! #DogeDay”
May 13, 2021 “Working with Doge devs to improve system transaction efficiency. Potentially promising.”

While Musk has not disclosed the exact value of his Dogecoin holdings, his long-running promotion of the cryptocurrency and claim that he owns some implies he likely owns a substantial amount worth millions of dollars.

Bitcoin

Musk revealed in October 2021 at a conference that he personally owned Bitcoin. However, he did not disclose the exact amount.

Considering the size of his net worth, estimated at over $200 billion, even a small portion allocated to Bitcoin would make Musk one of the largest Bitcoin holders in the world. If Musk held just 1% of his net worth in Bitcoin, that would equate to around $2 billion worth.

In February 2021, Tesla announced it had purchased $1.5 billion worth of Bitcoin to hold on its balance sheet. While this corporate Bitcoin is owned by Tesla, Musk likely owns a significant portion of this through his 20% stake in Tesla.

Musk has given mixed opinions on Bitcoin. Despite misgivings about its energy usage, he has stated that he sees Bitcoin as an alternative to holding cash and a hedge against inflation. While less bullish on Bitcoin than some other crypto assets, he seems to view it as a prudent investment for his companies to make.

Ethereum

Ethereum is the second largest cryptocurrency platform after Bitcoin, featuring smart contract functionality and the ability to support decentralized finance applications.

Musk has tweeted favorable comments about Ethereum on multiple occasions, implying he likely owns some amount of the ETH token. In December 2021 he tweeted that “Ethereum is looking promising.”

He has also indirectly supported Ethereum by engaging positively with the co-creator of Ethereum, Vitalik Buterin, on Twitter. In 2022, Musk and Buterin exchanged compliments, leading to speculation that Musk may collaborate with Ethereum in the future.

However, as with Bitcoin, Musk has not disclosed if or how much Ethereum he directly owns. Considering Ethereum’s $200 billion market cap, any investment from Musk’spersonal wealth would likely amount to well over $100 million.

Other Cryptocurrencies

In addition to the major cryptocurrencies like Bitcoin, Dogecoin and Ethereum, Musk has hinted at engagement with other crypto assets:

  • Litecoin – In 2017, a fake news story circulated that Musk had invested in Litecoin. He later confirmed this was untrue.
  • Stellar Lumens – A Stellar advisor tweeted that Musk was an investor. Musk later denied this.
  • Ada and Cardano – Musk asked Cardano founder Charles Hoskinson for information about the protocol in 2021, sparking rumors he was interested in the cryptocurrency.
  • Shiba Inu – Musk tweeted several memes about this Dogecoin competitor, causing temporary pumps in its price.

However, Musk has denied owning significant amounts of these smaller cryptocurrencies. Dogecoin remains the most prominent crypto asset associated with his personal holdings.

Tesla’s Bitcoin Holdings

While Tesla’s $1.5 billion Bitcoin purchase occurred under Musk’s leadership, he does not directly own or control this Bitcoin. Tesla shareholders collectively own the corporate Bitcoin held on Tesla’s balance sheet.

As the CEO and largest shareholder, Musk likely had a major role in deciding to allocate part of Tesla’s cash reserves to Bitcoin. But this Bitcoin belongs to Tesla, not to Musk personally.

Tesla’s Bitcoin holdings represent about 10% of the cash on its balance sheet. This sizable allocation signals that Musk considers Bitcoin a prudent corporate investment for his companies even amid his environmental concerns.

Date Event
February 8, 2021 Tesla announces purchase of $1.5 billion worth of Bitcoin
February 21, 2021 Tesla reveals it has already made a $272 million profit on its Bitcoin investment
May 13, 2021 Tesla announces suspension of Bitcoin payments over environmental concerns

SpaceX and Other Company Holdings

In addition to Tesla, Musk’s other companies may also hold cryptocurrencies. In 2021, Musk announced SpaceX would launch a satellite named “Doge-1” paid for fully by Dogecoin. This implies that SpaceX itself may accrue Dogecoin holdings if it collects payment in the cryptocurrency.

SpaceX has not reported any other major cryptocurrency purchases like Tesla’s Bitcoin buy. Neither have Musk’s other companies such as Neuralink and The Boring Company disclosed holding crypto assets.

As the majority owner of these companies in addition to Tesla, any crypto holdings they accrue will further augment the total crypto assets under Musk’s control. This makes tracking Musk’s total crypto net worth complex. But his personal holdings alone are likely worth hundreds of millions, if not billions, based on his known Dogecoin and Bitcoin ownership.

Factors Driving Musk’s Crypto Investments

There are several key factors driving Elon Musk’s crypto asset investments:

  • Diversification from cash – Musk has stated he sees crypto as an alternative investment to cash for his companies.
  • Hedge against inflation – Cryptocurrency serves as a potential hedge against fiat currency inflation.
  • Technological potential – Musk finds crypto innovations like Dogecoin and Ethereum intriguing.
  • Joke value – Dogecoin appeals to Musk’s sense of humor and internet meme sensibilities.
  • Support innovation – Owning crypto aligns with Musk’s vision of driving future tech development.

However, Musk has also acknowledged cryptocurrency volatility and energy concerns as reasons he has not invested more heavily in the sector. His crypto ownership represents a relatively small portion of his net wealth compared to holdings in his companies like Tesla and SpaceX.

Future Cryptocurrency Plans

Elon Musk is likely to remain a major voice in the crypto space for years to come. Several upcoming developments could expand his crypto holdings and influence:

  • Additional crypto purchases – Musk may decide to invest personally or through his firms in more crypto assets like promising tokens or DeFi platforms.
  • Boosting Dogecoin utility – Musk has hinted at working to allow Dogecoin to be used for payments at Tesla, SpaceX and beyond.
  • Collaborating on Web3 projects – Musk could get involved in decentralized social media or other Web3 applications, utilizing crypto networks like Ethereum.
  • Launching “Jokecoin” – For fun, Musk could launch a custom cryptocurrency as a parody “memecoin” like Dogecoin.

However, Musk could also reduce his crypto exposure if environmental effects, security issues or volatility continues. While unpredictable, Musk’s crypto activity will remain highly consequential given his resources and cult following online.

Conclusion

Elon Musk’s crypto holdings are substantial, but likely represent just a fraction of his massive personal wealth. The crypto asset Musk appears to own the most of is Dogecoin, of which he personally claims to own an unspecified amount. He also has revealed he owns Bitcoin, and likely holds Ethereum and potentially other smaller cryptocurrencies.

Beyond his personal holdings, Musk’s companies like Tesla and SpaceX also hold cryptocurrency, primarily Bitcoin. As the majority shareholder, Musk has indirect ownership of these corporate crypto holdings.

Given Musk’s potential to move markets with his opinions, he is likely to remain one of the most influential voices in crypto’s continued mainstream adoption. Both his