A crypto wallet associated with SpaceX, the American space technology firm owned by famous entrepreneur Elon Musk, has moved a fraction of its bitcoin (BTC) holdings after three years of inactivity in the market. According to on-chain transactions tracker, Arkham Intelligence, the firm moved about $155 million worth of BTC to an unidentified address on Tuesday.
The last time the SpaceX wallet processed a BTC transfer was on June 10, 2022, when it moved 1,262 BTC, valued at around $38 million at the time, to a Coinbase account, primarily for sale. Its most recent transaction is worth even more due to the significant increase in the value of BTC.
SpaceX Moves BTC
Concluding Tuesday’s transaction, SpaceX moved 1,308 bitcoins to a newly formed address. Notably, before the significant transaction, it received about $30 worth of BTC from a Coinbase Prime wallet.
In most cases, a transfer to a Coinbase Prime wallet address signals a sale. However, SpaceX’s latest transaction stands out as it received from Coinbase Prime and sent to an unidentified address. Meanwhile, a close look at the firm’s market operations could provide insight into the purpose of the large transfer.
Remarkably, the firm has seen unimaginable profits from its long-held BTC stash, as the leading cryptocurrency has surged by over 500% within the past three years, moving from a price below $20,000 to surpass $123,000 this month.
SpaceX Owner Values BTC
Although SpaceX has held BTC for more than three years, it was not until late 2024 that Musk publicly declared that he sees value in the apex cryptocurrency. Notably, American President Donald Trump has expressed support for BTC, which influenced Musk’s view of the leading cryptocurrency. Following Trump’s speech at the Bitcoin 2024 conference, he said,
“I do think there’s some merit in Bitcoin and maybe some other cryptos, and I’ve sort of got a soft spot for Dogecoin because I like dogs and memes.”
However, both popular figures recently lashed out at each other due to a misunderstanding. Consequently, Musk has established a new political party, the “American Party,” which he has designed to fix the flaws of Trump’s administration.
