SpaceX makes a bold move after more than three years of wallet inactivity. This transaction involves 1,308.45 BTC, transferred via Coinbase Prime. It has brought SpaceX’s crypto holdings, now totaling 6,977 BTC, to attention.
SpaceX moves $152 million BTC after 3 years
On July 22, a SpaceX wallet executed a large Bitcoin transaction, worth $152.85 million, to an external address, according to blockchain data analysis firm Arkham Intelligence.
The previous ledgers indicated a dormancy for over 3 to 4 years in this account, and hence, the investors and the market have been speculating a potentially bigger move that could follow. However, there is no further movement by the receiver to suggest any wallet reshuffles or liquidations.
Three years ago, SpaceX received large inflows from Coinbase wallets, of deposits from 1,100 to 1,279 BTC. During the 2021 bull market, these holdings were valued at over $1.6 billion. However, their current estimated worth has declined to approximately $818.3 million.
SpaceX and Tesla BTC holdings
The two companies owned by Elon Musk have been seeing unrealistic gains. SpaceX has announced the launch of Falcon 9 on X( formerly Twitter), and Tesla has been seeing a profit in their annual revenue.
As per news reports, both companies collectively hold a value of 19,794 Bitcoins. SpaceX’s total Bitcoin stash now stands at 6,977 BTC, held via Coinbase Prime, shows Arkham’s portfolio.
SpaceX entered BTC
Tracing back the timeline, Elon Musk publicly confirmed SpaceX’s Bitcoin investment in 2021, following Tesla’s BTC purchase worth $1.5 billion. By early 2021, the company held around $373 million, which is 25,724 BTC.
Wall Street Journal also reported a write-down after the review of documents by SpaceX, from 2021 to 2022. The company reduced the reported value of its Bitcoin holdings by $373 million. Musk’s influence on the crypto market continues, with his comments on Bitcoin and Dogecoin often triggering market reactions.
