- SpaceX moved about $152.91 million worth of Bitcoin after three years of inactivity.
- Many have wondered about the cause of the move, suspecting that the company might probably want to dump their Bitcoin holdings. However, the company’s remaining 6,977 BTC in the Coinbase wallet suggests that it might be re-strategizing its portfolio.
Few hours ago, SpaceX, one of the most popular aerospace companies owned by Elon Musk, moved about $152.9 million worth of Bitcoin after nearly three years of no on-chain activities.
This move has raised eyebrows and caused people in the crypto space to ask questions on the cause of the move, with many wondering if Elon Musk has decided to “dump” all his Bitcoin holdings.
Arkham Intelligence, a well-known blockchain analytics platform, recorded the move of 1,308 Bitcoin after nearly three years of inactivity. According to the on-chain data, the token was transferred to another wallet labelled as “bc1q8ka…” The wallet has been suspected to be linked to the same company.
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Source: Arkham Intelligence
The on-chain data still shows that the company still holds about 6,977 Bitcoin kept with Coinbase Prime, and the new wallet hasn’t moved any funds yet as of the time of recording.
This could mean that the huge transfer might not necessarily mean a sell-off but instead the company’s method of restrategizing and shuffling their funds and investment. So far, SpaceX, or Elon, has not publicly made any statements regarding the move.
SpaceX Bitcoin Accumulation
In 2021, SpaceX started building its Bitcoin portfolio. According to data shared by Bitcoin treasuries as of February 2021, the company held about 25,742 BTC, which was worth about $850,538,336, and by June 2024, that same BTC was valued at $1,728,755,696.
In 2022, the company sold about 75% of its total Bitcoin holdings and left only $182,000,000 worth of Bitcoin. After this move in 2022 This major sell-off comes next.
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