SpaceX moves $150 million in bitcoin after three-year dormancy: Arkham
Quick Take
- Elon Musk’s SpaceX moved $150 million worth of bitcoin on Tuesday for the first time since 2022.
- The reason for the transaction remains unclear.
- Following the latest transaction, SpaceX currently holds 6,977 BTC, valued at about $825 million.
On Tuesday, Elon Musk's aerospace company SpaceX moved its crypto holdings for the first time in three years.
According to Arkham Intelligence data, SpaceX-linked wallet address "15oKQ…7Jf1G" moved 1,308 BTC ($150 million) to a new address "bc1q8…hartf."
This marks the company's first crypto transaction since June 10, 2022, a period during which the firm regularly sent multiple batches of about 1,200 BTC to Coinbase. Between May 25 and June 10, 2022, SpaceX transferred 17,314 BTC to the cryptocurrency exchange.
SpaceX did not officially announce the crypto transaction nor reveal the reason for moving the bitcoin. The Block has reached out to the company for comments.
Following the latest transaction, SpaceX currently holds 6,977 BTC, worth $825 million, according to Arkham. Tesla, another company owned by Musk, holds 11,509 BTC ($1.36 billion).
Last month, Arkham wrote on X that Tesla and SpaceX held over $2 billion in bitcoin, which was acquired at an average price of around $32,000. "Combined, Elon’s companies are up almost $1.5 BILLION on bitcoin," Arkham wrote.
Tuesday's Bitcoin movement from SpaceX coincides with accelerating mainstream adoption of bitcoin and crypto, significantly boosted by President Donald Trump's strong pro-crypto stance and recent advancements in crypto-friendly legislation. This trend has prompted numerous traditional finance firms to establish corporate bitcoin treasuries or launch crypto-infused services.
Meanwhile, Musk, a former close ally of Trump prior to their public fallout, recently announced the formation of the "America Party," a new political entity aiming to challenge the two-party system. Musk stated on X that his new party would support bitcoin.
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