A SpaceX-linked wallet has moved $268 million worth of Bitcoin to two separate addresses on Tuesday, Arkham data shows.
According to on-chain analyst Ai Yi, the transfer from SpaceX account follows a 3-month hiatus. The analyst suggested that the move is likely to be an internal management move and not a sale.
“In July, SpaceX’s sudden transfer had its receiving address marked by Arkham as a Coinbase Prime Custody address. This time, it might just be wallet reorganization.”
SpaceX Fund Transfers Follow a Pattern
Per on-chain data, 1187 BTC have been transferred to the address starting with “bc1qq,” and 1208 BTC to the address starting “bc1qj7.” Currently, the funds remain in the wallets and have neither been transferred further nor sold.
The recent fund movement shows similar prior patterns. In July, SpaceX transferred 1,308 BTC, valued at about $153 million to Coinbase Prime wallets.
These movements have led to speculations about SpaceX’s BTC holdings. One user speculated that the company’s BTC reserve strategy seems “more aggressive.” Analysts believe that the transfers are just part of managing their wallets efficiently.
Interestingly, per Arkham, SpaceX once held a much larger position — roughly 28,000 BTC at its April 2021 peak — but pared back the size during the market turmoil of 2022.
Following the recent transfer, the SpaceX-linked wallet has a balance of 5,790 Bitcoin, valued at $625 million at current prices.
Elon Musk Grips Tight on Crypto
Among Elon Musk’s companies, Tesla had been an aggressive BTC accumulated; however, confirmed in 2022 that it had sold 75% of the 38,747 BTC at a loss.
Tesla now stands 11th among the top corporate Bitcoin holders, accumulating a total of 11,509 BTC. The car maker’s entire BTC holdings are valued at about $1.241 billion at current prices.
Combined, the two Musk-linked companies now hold roughly $1.86 billion in Bitcoin on paper.
Bitcoin fell 2.71% to $107,829 in the past 24 hours, underperforming the broader crypto market. The largest crypto is trading at $107,719 at press time.
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