Elon Musk’s aerospace company, SpaceX, has made waves in the cryptocurrency world by transferring over $133 million worth of Bitcoin. This transfer comes after a three-year lull in activity, sparking speculation about the company’s intentions in the volatile crypto market.
Significant On-chain Transfer to Unlabeled Wallets
According to blockchain analysis firm Arkham Intelligence, SpaceX transferred a total of 1,215 BTC in two separate transactions to newly established wallets. “SpaceX just moved funds totaling $133.7 million,” the company noted in a post.
The transfers included 300 BTC (approximately $33 million) and 915 BTC (about $100.7 million).
This recent activity follows a similar transfer of Bitcoin between addresses controlled by the company, with the notable difference that the new receiving wallets are not currently labeled as belonging to the Hawthorne, California-based firm.
A History of Substantial Bitcoin Holdings
Before these latest transactions, SpaceX held 8,285 BTC, valued at around $914 million at current prices, ranking as the fourth-largest private company holder of Bitcoin, according to BitcoinTreasuries.net. The company’s on-chain history reveals that its holdings were significantly higher at one time.
In 2022, wallets identified as belonging to the aerospace firm contained up to 25,000 BTC, but that number had decreased to 8,285 BTC by June of the same year. Following the most recent transfers, SpaceX had no recorded on-chain activity until early this year, when it began consolidating some of its Bitcoin holdings.
The Tesla Connection to Bitcoin
Another of Musk’s ventures, Tesla, has a notable connection to Bitcoin as well. The electric vehicle and robotics company currently holds 11,509 BTC, worth over $1.27 billion, placing it just outside the top 10 public companies with Bitcoin holdings. Earlier this year, Tesla re-evaluated its Bitcoin assets under new accounting standards, allowing it to report over $600 million in quarterly profits as Bitcoin prices surged following Donald Trump’s election.
As of Friday, the price of Bitcoin saw a slight decline, trading at $110,541.
No comment has been provided by SpaceX on the reason behind these substantial transfers.
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