Elon Musk's floated merger of SpaceX and Tesla would do more than unite rockets and electric vehicles under a single corporate roof. It would fold two of the world's largest corporate Bitcoin stashes onto one balance sheet, creating a combined treasury of 30,221 BTC worth roughly $2.5 billion at Bitcoin's recent price near $83,000.

Speaking on SpaceX's third-quarter earnings call on Tuesday, Musk said the boards of both companies had formed special committees of independent directors to weigh a potential tie-up, while cautioning that treating a deal as "a certainty" would be "overstating it." Such committees are a standard feature of major-deal review, giving independent directors room to evaluate terms apart from management. Even so, the prospect alone has drawn fresh attention to the combined entity's crypto holdings.

Tesla reported 11,509 BTC in its most recent quarterly filing, while SpaceX disclosed 18,712 BTC in the S-1 it filed ahead of its June initial public offering—the registration statement a company files with regulators before its shares can list. Together, the two companies hold 30,221 BTC. As Decrypt reported when the merger idea first surfaced, combining the two positions would place one of the largest non-mining corporate Bitcoin treasuries anywhere under Musk's control, putting the merged company among the top handful of public holders and trailing only the likes of Michael Saylor's Strategy and a few others.

The SpaceX portion is the more striking piece. The rocket maker's 18,712 BTC was effectively invisible to public markets until its IPO filing, meaning a substantial treasury had quietly accumulated inside a private company for years before anyone could count it—more than double what blockchain trackers had previously attributed to SpaceX wallets.

The combined cost basis across both firms sits around $1 billion, implying an average purchase price near $35,000 per coin—far below the recent price near $83,000.

A merger would not change anything about Bitcoin itself, and neither company has signaled plans to buy or sell. Both have held their positions static: SpaceX last moved coins in prior years, and Tesla reported no changes in its latest filing. What a deal would alter is governance and accounting. One of the most closely watched corporate Bitcoin piles would sit inside a single publicly traded vehicle, subject to quarterly disclosures and the fair-value accounting rules that require companies to mark holdings to their market price each quarter—rules that recently forced Tesla to book a loss as Bitcoin's price slid.

For now, the treasury math remains hypothetical, hinging on a transaction that is still exploratory—any movement would surface in the committees' conclusions and, through quarterly disclosures, in either company's reported holdings. But it underscores how, almost incidentally, a Musk mega-merger would also create a Bitcoin giant.