- SpaceX moved $133.7 million in Bitcoin, marking its second major transfer within a week.
- Analysts say the transfers reflect wallet consolidation, not liquidation of Bitcoin holdings.
- SpaceX and Tesla now hold nearly $2 billion in Bitcoin, maintaining stable reserves since 2022.
Elon Musk’s aerospace company, SpaceX, moved $133.7 million worth of Bitcoin on Friday, marking its second major transfer in less than a week, according to blockchain analytics firm Arkham Intelligence. The shift also follows a resurgence in the activity of Bitcoin that has prompted the company to continue reorganizing its crypto holdings.
SpaceX Transfers $133 Million in Bitcoin to New Wallets
SpaceX moved a total of 1,215 Bitcoin worth $133.7 million to multiple new wallet addresses on Friday, according to Arkham Intelligence. The transfers included 300 BTC worth $33 million and 915 BTC worth $100.7 million. The analytics firm noted that the new wallets are not labeled as belonging to SpaceX.
The transfer follows another large Bitcoin movement earlier in the week valued at approximately $268.5 million. Prior to these transactions, SpaceX had shown no major on-chain activity since July.
On Friday afternoon, Bitcoin was trading at $110,493, representing a slight downward movement of 0.3%. The new transfers indicate a revival of action after months of inactivity. Before this, SpaceX’s holdings stood at 8,285 BTC, ranking it among the largest private companies with Bitcoin reserves.
Analysts Suggest Wallet Consolidation Over Liquidation
Blockchain analysts monitoring the transfers suggest that SpaceX is reorganizing its digital asset storage. Several of the moved funds briefly passed through Coinbase Prime wallets, which may indicate custody service use. However, there is no evidence suggesting any sale of Bitcoin occurred during these transfers.
Arkham data confirms that SpaceX currently holds around 6,970 BTC, valued near $770 million. In mid-2022, the firm sold approximately 70% of its Bitcoin holdings, after a spell of market chaos following the Terra-Luna and FTX collapses.
Tesla is another company owned by Elon Musk and it holds Bitcoin as well. The electric car company holds 11,509 BTC, which is valued at around $1.24 billion. The two firms have been steady since they suffered losses in 2022, and their current dynamics appear to suggest that the current measures are an internal restructuring and not a shift in strategy.
