In a significant move in the cryptocurrency world, SpaceX, the aerospace company founded by Elon Musk, transferred over $133 million in Bitcoin on Friday. According to blockchain analytics firm Arkham Intelligence, the firm executed a transfer of 1,215 Bitcoin to various addresses, following similar transactions earlier in the week.
Arkham Intelligence reported that the latest transfer included two main transactions: 300 Bitcoin, valued at approximately $33 million, and 915 Bitcoin, worth around $100.7 million. Interestingly, the new wallets the Bitcoin was sent to are not currently labeled as belonging to SpaceX, raising questions about the purpose of the transfers.
Prior to these transactions, SpaceX possessed about 8,285 Bitcoin, which amounted to around $914 million at current market rates. This positions the company as one of the largest private holders of Bitcoin, ranking fourth among firms with notable Bitcoin treasuries, according to data sourced from BitcoinTreasuries.net. In 2022, wallets associated with SpaceX held as much as 25,000 Bitcoin, but this figure had decreased significantly by June of that year.
The recent Bitcoin transfers mark a notable event, as SpaceX had not engaged in any on-chain activity since earlier this year, when it consolidated some of its Bitcoin holdings for the first time in over three years. As of now, it remains unclear why the company chose to relocate these funds, or if it intends to sell any of its Bitcoin holdings. Attempts to reach a SpaceX representative for clarification have not yet received a response.
In addition, Tesla, another of Musk’s ventures, continues to hold a substantial amount of Bitcoin, currently maintaining 11,509 Bitcoin valued at more than $1.27 billion. This places Tesla just outside the top 10 publicly traded companies with significant Bitcoin reserves. Earlier this year, the company re-evaluated its holdings according to new accounting rules, resulting in a reported profit exceeding $600 million as Bitcoin prices surged post-election.
Bitcoin’s price experienced a slight dip, falling 0.3% to $110,541, which is approximately 12% lower than its all-time high of $126,080. The movements by SpaceX and Tesla add intrigue to the evolving landscape of cryptocurrency investment among major corporations, particularly those linked to Musk.
