Elon Musk’s aerospace company, SpaceX, has made headlines by transferring over $133 million in Bitcoin, which has reignited discussions in the cryptocurrency community. This significant transaction marks a notable movement of assets as the company shifts more than 1,200 Bitcoins to newly created wallets, following a period of relative inactivity.
Major On-Chain Transfer to Unmarked Wallets
According to blockchain analytics firm Arkham Intelligence, SpaceX has executed a substantial transfer involving a total of 1,215 Bitcoins across two distinct transactions. “SpaceX has just transferred funds amounting to $133.7 million,” Arkham posted.
The transfer included 300 BTC worth approximately $33 million and 915 BTC valued at around $100.7 million directed to new, unmarked wallets.
This latest movement comes shortly after SpaceX had executed similar transfers between addresses under its control. In contrast to those previous transfers, the new receiving wallets have not been labeled as associated with the Hawthorne, California-based company.
A History of Significant Bitcoin Holdings
Before these recent transactions, SpaceX held a total of 8,285 BTC, equivalent to roughly $914 million at current market prices, ranking it as the fourth-largest privately-held Bitcoin asset holder according to data from BitcoinTreasuries.net.
The company’s on-chain history indicates that its holdings were once significantly higher; in 2022, SpaceX wallets were recorded to have held as much as 25,000 BTC, which diminished to the current level of 8,285 BTC by June of that year.
Following these recent asset movements, SpaceX had not displayed further on-chain activity until early this year when it began consolidating some of its Bitcoin holdings.
Tesla’s Connection to Bitcoin
An additional Musk-led entity, electric vehicle manufacturer Tesla, maintains a close affiliation with Bitcoin as well. Tesla currently holds 11,509 BTC, valued at over $1.27 billion, placing it just outside the top 10 public companies holding Bitcoin.
Earlier this year, Tesla reassessed its Bitcoin portfolio in light of new accounting regulations, a move that allowed the company to report over $600 million in quarterly profits due to the rising BTC prices following the election of former President Donald Trump.
As of Friday, Bitcoin’s price had slightly declined, trading at around $110,541. A representative from SpaceX did not immediately respond to requests for comments concerning the purpose of the recent transfers.
