SpaceX recently made a significant Bitcoin transfer, moving approximately 1,308 BTC (worth about $153 million) to a new, unknown address. This was their first on-chain transaction in over three years.
A Mysterious Transfer
The transfer was tracked by blockchain analytics firms like Arkham Intelligence. The Bitcoin came from a wallet that hadn’t been used since mid-2022. The way the transaction was handled suggests it was an internal reorganization of funds, not a sale.
SpaceX’s Bitcoin History
SpaceX’s last major Bitcoin move was in June 2022, when they sent a large amount to Coinbase. Arkham estimates SpaceX currently holds around 6,977 BTC, worth roughly $815 million. This is significantly less than their holdings in March 2024. Both SpaceX and Tesla (owned by Elon Musk) hold a substantial amount of Bitcoin, purchased at a much lower average price.
Why the Move? Speculation and Analysis
The timing of the transfer, close to Bitcoin’s recent all-time high, has sparked speculation. Some analysts believe it’s a simple shift of funds, perhaps to a more secure storage solution or a different type of wallet. Others wonder if it’s a precursor to a larger sale.
The Future of SpaceX’s Bitcoin
SpaceX has never publicly detailed its Bitcoin strategy. This recent transfer raises the question: will they eventually sell their Bitcoin holdings, or will they hold onto them long-term, similar to MicroStrategy’s approach? For now, the transaction seems more about internal management than a change in investment strategy. Unless the Bitcoin is moved to an exchange, it’s likely just a bookkeeping adjustment, albeit a very expensive one.