Musk’s SpaceX-Tesla Merger Would Create a Bitcoin Treasury Behemoth

What happened: Elon Musk said boards of SpaceX and Tesla formed special committees of independent directors to weigh a merger, cautioning a deal is not "a certainty." A tie-up would combine the two companies' Bitcoin holdings on one balance sheet. Key numbers: Tesla reported 11,509 BTC and SpaceX Why it matters: The merged company would rank among the top handful of public corporate Bitcoin holders, trailing only the likes of Michael Saylor's Strategy and a few others. A deal would put the holdings inside a single public vehicle subject to quarterly disclosures and fair-value accounting. Coverage: 15+ outlets in 24h

Elon Musk said boards of SpaceX and Tesla formed special committees of independent directors to weigh a merger, cautioning a deal is not "a certainty." A tie-up would combine the two companies' Bitcoin holdings on one balance sheet.

The merged company would rank among the top handful of public corporate Bitcoin holders, trailing only the likes of Michael Saylor's Strategy and a few others. A deal would put the holdings inside a single public vehicle subject to quarterly disclosures and fair-value accounting.