Elon Musk’s SpaceX has shifted more than $133 million in Bitcoin, blockchain analytics firm Arkham Intelligence reported Friday.
Key Takeaways:
- SpaceX moved $133.7 million in Bitcoin across multiple new wallets, according to Arkham Intelligence.
- The reason for the transfers remains unclear, with speculation ranging from internal restructuring to enhanced security measures.
- SpaceX now holds 8,285 BTC worth about $914 million, making it one of the largest private corporate Bitcoin holders.
The transactions involved 1,215 BTC sent to multiple new addresses, just days after the company executed a similar transfer to wallets under its control.
“SpaceX just moved funds totaling $133.7 million,” Arkham said on X. “They transferred 300 BTC ($33M) and 915 BTC ($100.7M) to new wallets.”
New SpaceX Bitcoin Wallets Unlabeled After $133M Transfer
Unlike earlier transfers this week, the destination wallets are not labeled as belonging to the Hawthorne, California-based aerospace company.
Before the move, SpaceX held roughly 8,285 BTC, valued at around $914 million, ranking it fourth among privately held companies with Bitcoin treasuries, according to BitcoinTreasuries.net.
The company once held as much as 25,000 BTC in 2022 before consolidating and reducing its on-chain balance to current levels.
After years of inactivity, SpaceX resumed limited Bitcoin movement earlier this year, its first recorded on-chain activity since 2021.
The reason for the latest transfers remains unclear. SpaceX has not commented on whether the shift indicates a sale, internal restructuring, or enhanced security measures for its crypto holdings.
Another Musk-led company, Tesla, also maintains significant Bitcoin exposure, with 11,509 BTC valued at over $1.27 billion, placing it just outside the top ten publicly traded firms holding Bitcoin.
Earlier this year, Tesla recorded more than $600 million in quarterly profits after revaluing its holdings under updated accounting rules.
Bitcoin traded slightly lower on Friday, down 0.3% to $110,541, about 12% below its all-time high of $126,080.
SpaceX’s Foray into Bitcoin
SpaceX first made headlines in 2021, when Elon Musk revealed that the company held Bitcoin, though he stopped short of giving precise figures.
Subsequent reporting uncovered that by early 2021, SpaceX had amassed around 25,724 BTC, estimated at the time to be worth roughly $373 million
However, the firm reportedly wrote down $373 million in Bitcoin holdings across 2021 and 2022 and may have sold all or most of it, according to documents reviewed by The Wall Street Journal.
The report shows the firm had recorded these BTC assets on its balance sheet, though it’s unclear if the entire stash was liquidated.
Elon Musk had publicly confirmed SpaceX’s Bitcoin investment in 2021 following Tesla’s $1.5 billion BTC purchase, which coincided with Bitcoin reaching then-record highs.
Tesla later sold 75% of its Bitcoin in Q2 2022 for $936 million, retaining only $184 million worth. Musk, a vocal crypto advocate, has frequently influenced markets with his commentary on Bitcoin and Dogecoin.
The post SpaceX Moves $133 Million in Bitcoin Across Wallets, Arkham Data Shows appeared first on Cryptonews.
