SpaceX has moved over $152 million in Bitcoin (BTC), marking the first activity from the wallet in three years.
According to Arkham Intelligence, a blockchain analytics platform, SpaceX, which Elon Musk owns, has transacted more than $152 million in Bitcoin after a more than three-year period of inactivity.
A wallet associated with SpaceX executed a substantial Bitcoin transaction on July 22, transferring 1,308.45 BTC, which is estimated to be worth $152.85 million, to a new address.
According to on-chain data, the transaction’s charge was a mere 0.00024831 BTC (approximately $29).
SpaceX Wallet Springs to Life with Largest Move in 3 Years
The recent significant movement occurred due to a minor transaction of 0.000248 BTC (worth less than $30) sent to Coinbase Prime by the SpaceX wallet.
Between three and four years ago, SpaceX received numerous Bitcoin inflows from Coinbase wallets, with single deposits ranging from 1,100 to 1,279 BTC, as indicated by historical transaction logs.
During the 2021 bull run, the dollar value of these holdings surpassed $1.6 billion; however, the current value of the company’s BTC holdings is approximately $818.3 million.
Arkham’s portfolio monitoring indicates that SpaceX’s total Bitcoin holdings are currently 6,977 BTC, which are stored under Coinbase Prime custody.
This indicates that the transfer may have been a wallet reshuffle to improve security or restructure cold storage protocols, as the receiving address has not yet expended the funds.
SpaceX’s Entry into the Bitcoin Market
In 2021, SpaceX became the subject of headlines when Elon Musk disclosed that the company owned Bitcoin, although he refrained from providing specific figures.
According to subsequent reporting, SpaceX had amassed approximately 25,724 BTC by early 2021, which was estimated to be worth roughly $373 million at the time.
Nevertheless, The Wall Street Journal has examined documents that indicate the firm wrote down $373 million in Bitcoin holdings between 2021 and 2022 and may have sold all or most of it.
The report indicates that the company had recorded these BTC assets on its balance sheet; however, it is uncertain whether the entire inventory was liquidated.
SpaceX’s Bitcoin investment was publicly verified by Elon Musk in 2021, following Tesla’s $1.5 billion BTC acquisition, which coincided with Bitcoin’s then-record highs.
Tesla sold 75% of its Bitcoin for $936 million in Q2 2022, retaining only $184 million in value. Musk, a prominent crypto advocate, has frequently impacted markets through his commentary on Dogecoin and Bitcoin.
