Elon Musk’s space technology company, SpaceX, has made headlines by transferring 2,495 Bitcoin (BTC) worth $268.5 million, marking its first major Bitcoin movement since July 24. This transaction on October 21 ended a three-month lull in SpaceX’s Bitcoin activities.
First Change in SpaceX’s Bitcoin Reserve in Two Years
According to Arkham Intelligence’s blockchain analysis, BTC from SpaceX-identified addresses were directed to multiple wallets. As these addresses aren’t labeled, the identities of the recipients remain unknown. It appears that the Bitcoins were not sold, reflecting the first significant change in the company’s reserve since June 2022. Until recently, SpaceX’s Bitcoin balance remained idle at approximately 8,285 BTC.
Analyst Aunt Ai suggested on their X account that the transfer is likely part of a wallet restructuring rather than a move toward selling the Bitcoins. This aligns with previous SpaceX behavior involving custody operations with Coinbase Prime, reinforcing speculation that there is no current intention to liquidate Bitcoin assets.
Musk’s Companies Unified in Bitcoin Strategy
In mid-2022, following the Terra-Luna collapse and FTX bankruptcy, SpaceX reduced its reserves by about 70%, opting not to purchase new Bitcoin during the subsequent market shake-up. Similarly, Musk’s other company, Tesla, offloaded a substantial portion of its Bitcoin holdings during the same period. Tesla is reported by Arkham to currently hold 1.24 billion dollars’ worth of 11,509 Bitcoins.
The timing of SpaceX’s transfer is noteworthy, as it happened during a weak phase for the cryptocurrency market. Bitcoin fell by 3.21% to $107,685 within a day, while the total market capitalization decreased by 3.4%.