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SpaceX, led by Elon Musk, has transferred over $152 million in Bitcoin after being inactive for more than three years, as reported by blockchain analytics firm Arkham Intelligence.
Key Takeaways:
- SpaceX executed a Bitcoin transfer exceeding $152 million following three years of wallet inactivity.
- The transaction seems to be internal, resulting in no change in overall holdings.
- SpaceX’s total Bitcoin reserve now totals 6,977 BTC, managed through Coinbase Prime.
On July 22, a wallet associated with SpaceX carried out a significant Bitcoin transaction, moving 1,308.45 BTC, approximately valued at $152.85 million, to a different address.
The transaction fee amounted to only 0.00024831 BTC (around $29), according to on-chain data.
SpaceX Wallet Activates with Largest Transfer in 3 Years
This recent substantial transfer followed a minor transaction of 0.000248 BTC (valued at less than $30) sent to Coinbase Prime from the SpaceX wallet.
Historical transaction records indicate that three to four years ago, SpaceX received several Bitcoin deposits from Coinbase wallets, with individual transactions ranging from 1,100 to 1,279 BTC.
During that period, the dollar value of these assets surpassed $1.6 billion amid the 2021 bull market, while the current valuation of the company’s Bitcoin holdings is approximately $818.3 million.
According to Arkham’s portfolio tracking, SpaceX’s total Bitcoin assets now amount to 6,977 BTC, held under the custody of Coinbase Prime.
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The receiving address has yet to utilize the funds, implying that the transfer may have been a wallet reorganization, potentially for improved security or adjustments to cold storage methods.
SpaceX’s Entry into Bitcoin
SpaceX gained attention in 2021 when Elon Musk disclosed that the company owned Bitcoin, although he did not provide specific amounts.
Further investigations revealed that by early 2021, SpaceX had accumulated approximately 25,724 BTC, which was estimated to be worth around $373 million at that time.
However, the company reportedly wrote down $373 million in Bitcoin assets during 2021 and 2022 and may have sold all or a significant portion of it, based on documents reviewed by The Wall Street Journal.
The report indicates that the company had listed these Bitcoin assets on its balance sheet, but it remains uncertain whether the entire amount was sold off.
Elon Musk publicly acknowledged SpaceX’s Bitcoin investment in 2021, following Tesla’s $1.5 billion Bitcoin acquisition, which coincided with Bitcoin reaching then-record highs.
Tesla subsequently sold 75% of its Bitcoin in Q2 2022 for $936 million, retaining only $184 million worth. Musk, a prominent advocate for cryptocurrency, has often impacted markets through his remarks on Bitcoin and Dogecoin.
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