SpaceX has recently made headlines with a significant Bitcoin transfer, further highlighting its ongoing engagement with cryptocurrency. On Wednesday, the aerospace company, owned by Elon Musk, moved 281 Bitcoin, valued at over $31 million, from its custody at Coinbase Prime to a newly established wallet. This transfer, identified through on-chain data from Arkham Intelligence, raises questions about the company’s intentions—whether it’s simply adjusting its storage strategy, preparing to sell, or planning to utilize the digital currency for another purpose.
Despite several inquiries, SpaceX has yet to provide any comments regarding these transactions. The recent activity follows a series of substantial transfers that occurred last week, during which hundreds of millions of dollars worth of Bitcoin were shifted from wallets associated with SpaceX. Prior to these recent transactions, the company had not altered its Bitcoin holdings for three years.
Currently, if there have been no sales of its Bitcoin, SpaceX holds approximately 8,285 BTC, valued at around $894 million. This positions the company as the fourth-largest holder among private corporate Bitcoin treasuries, according to data from bitcointreasuries.net. Notably, SpaceX’s Bitcoin holdings have significantly decreased from a peak of 25,000 BTC in 2022, as the company reduced its position to the current amount by mid-2023.
In the realm of cryptocurrency, Elon Musk’s electric vehicle company, Tesla, also has considerable Bitcoin holdings, amounting to 11,509 BTC, worth over $1.24 billion. This places Tesla just outside the top 10 list of publicly traded companies with the largest Bitcoin treasuries. Earlier this year, Tesla took advantage of new accounting regulations that allowed it to re-evaluate its Bitcoin assets, leading to quarterly profits of over $600 million as Bitcoin valuations increased following the 2020 election results.
The last recorded transfer activity for Tesla occurred in October 2024, when it also moved its Bitcoin holdings to new wallets. Similar to SpaceX, Tesla chose not to elaborate on the reasons behind these transactions.
As interest in Bitcoin and other cryptocurrencies continues to grow, companies like SpaceX and Tesla remain at the forefront, navigating the complexities of digital asset management and the broader implications of their involvement in the crypto space.
