SpaceX, the aerospace company founded by Elon Musk, transferred about $268.5 million worth of bitcoin on Tuesday. This is the first movement of its BTC holdings since July 24.
According to Arkham Intelligence, SpaceX moved 2,495 BTC to several wallet addresses that are currently unmarked on the platform. So far, these addresses have not sold or moved the bitcoin again. Before this transfer, SpaceX’s bitcoin reserve had stayed steady at around 8,285 BTC since June 2022.
The company hasn’t explained why it moved the bitcoin. Crypto analyst Aunt Ai suggested on X that it could simply be part of a wallet reorganization. In the past, some of SpaceX’s transfers were later identified as interactions with a Coinbase Prime custody address.
Back in mid-2022, SpaceX reportedly sold around 70% of its bitcoin holdings. Market shocks, including the Terra-Luna collapse in May and the FTX crash in November likely influenced this. The company has not added more bitcoin since then, according to Arkham data.
For context, Tesla, also led by Elon Musk, sold a large portion of its bitcoin in 2022 and currently holds 11,509 BTC, worth roughly $1.24 billion.
Meanwhile, bitcoin prices have been falling. Over the past day, BTC dropped 3.21% to $107,685, with the wider crypto market down about 3.4%, according to The Block.
