Elon Musk’s aerospace company, SpaceX, recently executed a significant transfer of Bitcoin (BTC), according to data from Arkham Intelligence.
Here are the key points of the transfer:
- Amount Transferred: On Wednesday, SpaceX moved 1,163 BTC, valued at over $105.4 million.
- Destination: The funds were sent to two unmarked wallets: 399 BTC to one address and 764 BTC to another.
- Timing: This is the first notable BTC transfer by SpaceX since a smaller move in late October.
- Current Holdings: Following the transfer, SpaceX is estimated to hold approximately 6,095 BTC, currently worth around $552.9 million.
Motive and Context:
- Reason Unclear: The purpose behind the large transfers is unknown, although some analysts speculate that SpaceX may be consolidating its holdings by moving Bitcoin from older, legacy wallets to newer ones.
- Prior Activity: In mid-2022, SpaceX reportedly reduced its BTC holdings by about 70% following the crypto market turmoil, including the Terra-Luna and FTX collapses. Arkham data suggests the company has not purchased more Bitcoin since that time.
- Tesla’s Holdings: Musk’s other company, Tesla, also sold off a significant portion of its Bitcoin in 2022 and currently holds 11,509 BTC, valued at approximately $1.05 billion.
The article notes that Bitcoin was trading at $90,921 at the time of the transfer, up 3.14% in the preceding 24 hours.
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