TLDR
- SpaceX transferred 1,163 BTC worth $105 million to two unmarked wallets on Wednesday
- The company now holds 6,095 BTC valued at approximately $552.9 million
- This marks SpaceX’s first major bitcoin transfer since October 29 when it moved 281 BTC
- Analysts believe the transfer is for custody purposes rather than liquidation
- Bitcoin is trading at $90,921, up 3.14% in the past 24 hours
Elon Musk’s aerospace company SpaceX moved 1,163 bitcoin on Wednesday, valued at $105.4 million. The transfer occurred at approximately 6:16 p.m., according to blockchain intelligence firm Arkham Intelligence.
The company sent the bitcoin to two unmarked wallet addresses. The first wallet received 399 BTC while the second received 764 BTC. The destination addresses are labeled as “bc1qh…galzy” and “bc1q4…u54ez” on the blockchain.
This transfer marks SpaceX’s first major bitcoin movement since October 29. On that date, the company moved 281 BTC to a new wallet address. Before these recent transfers, the wallet had been dormant for three years until late July when it sent out $153 million in bitcoin.
SpaceX currently holds 6,095 BTC in its wallet. This amounts to approximately $552.9 million at current prices. Bitcoin was trading at $90,921 as of 9 p.m. Wednesday, representing a 3.14% increase over 24 hours.
Custody Strategy or Sale Preparation
The purpose behind SpaceX’s bitcoin transfers remains unclear. Analysts have offered several explanations for the movement. Some suggest the company is consolidating its bitcoin holdings.
Others believe SpaceX is transferring funds from older legacy wallet addresses to newer, more modern ones. This type of transfer is common for custody purposes. Analysts say improved custody strategy is more likely than liquidation plans.
SpaceX’s Bitcoin History
SpaceX reduced its bitcoin holdings by approximately 70% in mid-2022. This reduction coincided with major market disruptions. The Terra-Luna collapse and the fall of FTX exchange created widespread market shock during that period.
The company has not purchased additional bitcoin since 2022. Arkham Intelligence data confirms no new bitcoin acquisitions by SpaceX. The current holdings represent what remains after the 2022 reduction.
Tesla’s Bitcoin Holdings
Elon Musk’s electric vehicle company Tesla also sold most of its bitcoin in 2022. Tesla currently holds 11,509 BTC worth $1.05 billion. This is based on current bitcoin prices from Arkham Intelligence.
Both companies reduced their bitcoin positions during the same market downturn. The parallel actions suggest a coordinated strategy across Musk’s business empire during the 2022 crypto market crisis.
The post Elon Musk’s SpaceX Moves $105M in Bitcoin to Mystery Wallets appeared first on Blockonomi.
Source: https://blockonomi.com/elon-musks-spacex-moves-105m-in-bitcoin-to-mystery-wallets/