- SpaceX transferred 1,308 BTC, worth approximately $153 million, on July 22, after the wallet had remained inactive for three years.
- The transaction appears internal, with the Bitcoin now held in a new wallet and no signs of sale or liquidation.
After three years of no activity, SpaceX has transferred 1,308 Bitcoin to a new wallet. Notably, the funds, valued at around $153 million, have sparked attention from cryptocurrency analysts and the broader financial community.
SpaceX Transfers Dormant Bitcoin in One of Its Largest Moves
SpaceX, the aerospace company owned by Elon Musk, has moved a large amount of Bitcoin after years of silence on its crypto holdings. According to reports, on July 22, blockchain watchers observed a transfer of 1,308 BTC, valued at approximately $153 million, to a new wallet address.
According to data shared by Arkham Intelligence, the wallet that sent the funds had been inactive for over three years. Before this recent activity, the last known inflow occurred between 2021 and 2022, during the height of the Bitcoin surge.
It is worth noting that at the time, the total value of the company’s Bitcoin holdings exceeded $1.6 billion. However, that number has dropped to about $818 million today. The transfer was completed with a small network fee of just $29, showing how low the cost can be even for large transactions on the Bitcoin network.
Furthermore, the new wallet that received the funds has not moved them any further. This has led many to believe this is not a sale but a change in how the assets are stored.
Blockchain records show that Bitcoin was transferred from multiple Coinbase wallets to SpaceX over time, with individual transfers ranging from approximately 1,100 BTC to 1,279 BTC. All of these past transactions are still visible on the blockchain. Currently, SpaceX’s Bitcoin holdings total 6,977 BTC. All of it appears to be held under Coinbase Prime custody.
While SpaceX moved its holdings, as noted in our previous news brief, Michael Saylor of Microstrategy disclosed a new BTC buy. The company has disclosed the purchase of 6,220 Bitcoin between 14 and 20 July for roughly $739.8 million.
No Word Yet from Elon Musk on the Bitcoin Move
It is worth noting that Elon Musk has not made any public statement about this transfer. This is not unusual, as SpaceX has kept quiet on its digital asset plans since 2021, when it was first revealed that the company held Bitcoin. That news came shortly after Tesla announced its investment in cryptocurrency.
More importantly, there is no sign yet that SpaceX plans to sell Bitcoin. Still, some crypto analysts believe this move could be related to internal security or a routine update to its storage system. The Bitcoin remains untouched in the new wallet, leaving room for speculation.
In related news, as covered in our latest report, leading U.S. bank JPMorgan has taken a significant step toward integrating cryptocurrency into mainstream finance by entering the digital asset-backed lending market.
In addition, CNF reported that nearly all major Bitcoin wallet groups are actively accumulating. Market participants believe that this could be a sign that another price rally is forthcoming. This sentiment is based on the fact that Bitcoin recently touched a new high of $123,091.61 before pulling back. As of the time of writing, the largest digital asset, Bitcoin, is trading at $118,315.29.
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