Bitcoin News Today: SpaceX Moves $152.85 Million in Bitcoin to New Address

On July 22, a wallet associated with SpaceX executed a significant Bitcoin transaction, transferring 1,308.45 BTC, valued at approximately $152.85 million, to a new address. This transaction marks the largest movement of Bitcoin from the SpaceX wallet in over three years, according to data from blockchain analytics platform Arkham Intelligence.

The fee for this transaction was minimal, amounting to 0.00024831 BTC, or about $29. This large-scale movement followed a smaller transaction of 0.000248 BTC, worth less than $30, sent to Coinbase Prime. Historical transaction logs indicate that SpaceX received multiple Bitcoin inflows from Coinbase wallets between three and four years ago, with single deposits ranging from 1,100 to 1,279 BTC. At the time, the dollar value of these holdings exceeded $1.6 billion during the 2021 bull run, but the current value of the company’s BTC holdings stands at roughly $818.3 million.

Arkham’s portfolio tracking indicates that SpaceX’s total Bitcoin holdings are now 6,977 BTC, stored under Coinbase Prime custody. The receiving address has not yet spent the funds, suggesting that the transfer may have been a wallet reshuffle, possibly for enhanced security or restructuring of cold storage protocols.

SpaceX first made headlines in 2021 when Elon Musk revealed that the company held Bitcoin, though he did not provide precise figures. Subsequent reporting uncovered that by early 2021, SpaceX had amassed around 25,724 BTC, estimated at the time to be worth roughly $373 million. However, the firm reportedly wrote down $373 million in Bitcoin holdings across 2021 and 2022 and may have sold all or most of it, according to documents reviewed. The report shows the firm had recorded these BTC assets on its balance sheet, though it’s unclear if the entire stash was liquidated.

Elon Musk had publicly confirmed SpaceX’s Bitcoin investment in 2021 following Tesla’s $1.5 billion BTC purchase, which coincided with Bitcoin reaching then-record highs. Tesla later sold 75% of its Bitcoin in Q2 2022 for $936 million, retaining only $184 million worth. Musk, a vocal crypto advocate, has frequently influenced markets with his commentary on Bitcoin and Dogecoin.