- Elon Musk’s SpaceX moved more than $133 million in Bitcoin.
- The company transferred a total of 1,215 BTC to two separate new wallets.
- This action follows other recent on-chain activity after more than three years of wallet inactivity.
Elon Musk’s space exploration company, SpaceX, moved more than $133 million in Bitcoin on Friday, according to blockchain analytics firm Arkham Intelligence. The large on-chain transfer is the latest in a sequence of recent moves after a period of more than three years with little or no visible wallet activity.
The transaction has triggered renewed market speculation. It is not yet clear why the funds were relocated or whether the company plans to sell any portion of its sizeable Bitcoin holdings.
A major on-chain transfer to unlabeled wallets
Arkham Intelligence reported that SpaceX sent a total of 1,215 BTC in two separate transactions to new wallets. “SpaceX just moved funds totaling $133.7 million,” the analytics firm said.
They transferred 300 BTC ($33M) and 915 BTC ($100.7M) to new wallets.
The transfers came only days after SpaceX shifted a similar amount of Bitcoin between addresses known to be under its control. Unlike those earlier internal movements, Arkham noted that the new receiving addresses are not currently labeled as belonging to the Hawthorne, California-based company.
A history of significant Bitcoin holdings
Before these recent transfers, SpaceX’s on-chain balance was recorded as 8,285 BTC, worth roughly $914 million at current prices, making it one of the larger privately held corporate holders of Bitcoin, according to BitcoinTreasuries.net.
SpaceX’s on-chain history shows the company once held substantially more Bitcoin. In 2022, addresses labeled as belonging to the firm contained as much as 25,000 BTC. That figure fell to the current level of 8,285 BTC by June of that year. After those reductions, SpaceX’s wallets showed little activity until earlier this year, when it began consolidating portions of its holdings.
Tesla’s own Bitcoin connection
Another company led by Musk, electric vehicle and robotics manufacturer Tesla, also maintains a notable Bitcoin position. Tesla currently holds 11,509 BTC, valued at more than $1.27 billion, placing it just outside the top 10 publicly traded companies by Bitcoin treasury size.
Earlier this year, Tesla revalued its Bitcoin holdings under updated accounting guidance, a change that affected its reported quarterly results as Bitcoin’s price moved.
As of Friday, Bitcoin’s price was modestly lower on the day. A SpaceX representative did not immediately respond to requests for comment about the purpose of the transfers.