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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Elon Musk’s SpaceX Moves Bitcoin Holdings For The First Time In 3 Years, Here’s Where It Went

Scott Matherson
Scott Matherson
1 month ago
3 mins read
Bitcoin

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Elon Musk’s SpaceX has raised eyebrows in the crypto community, following the transfer of its Bitcoin holdings for the first time in three years. This has raised concerns about the possibility of the company looking to offload its coins. 

Elon Musk’s SpaceX Transfers Bitcoin Holdings To A Fresh Address

In an X post, onchain analytics platform Arkham Intelligence revealed that Elon Musk’s SpaceX just moved Bitcoin for the first time in three years. The company sent 1,300 BTC ($153 million) to a fresh address this morning. Arkham then questioned whether this transfer was simply a move to cycle custody wallets or a plan to sell. 

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SpaceX transferred the funds to an unknown wallet (bc1q8….phartf), which suggests that this move is just for custody purposes rather than to sell them. Notably, the last time Elon Musk’s company moved some of its Bitcoin holdings was to Coinbase, three years ago, which was more of an indication to sell than this recent transfer. 

There is a possibility that Elon Musk’s SpaceX would have likely moved this $153 million to Coinbase again, rather than to a new address, if it intended to offload these coins. Arkham data shows that the coins in the fresh address remain untouched following the transfer. Meanwhile, it is worth noting that the company still holds 6,977 BTC ($827.41 million) in its recognized wallets.

SpaceX first disclosed its Bitcoin holdings in 2021. This was around the same time that Elon Musk’s Tesla also announced it had purchased Bitcoin and was exploring the possibility of accepting BTC as a payment option. Arkham data shows that Tesla 11,509 BTC, worth around $1.37 billion. 

Tesla hasn’t moved any of its coins in the last nine months. Meanwhile, the company also ranks as the 10th largest public Bitcoin treasury, according to BitcoinTreasuries’ data. 

Musk’s Belief In Bitcoin Is Growing

Elon Musk’s belief in Bitcoin’s potential as a hedge looks to be growing, which again makes it unlikely that SpaceX is looking to offload its coins with its recent transfer. Earlier this month, the world’s richest man confirmed that his America Party will embrace Bitcoin as “fiat is hopeless.” He made this comment amid the passing of the Big Beautiful Bill, which increases government spending and is bullish for BTC since it has a limited supply compared to the dollar. 

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Elon Musk had also allegedly liked a comment made by a crypto community member about the world’s richest man possibly stacking Bitcoin, given the government’s impending money printing. This suggests that Musk may indeed be looking to invest heavily in Bitcoin. BTC maximalist Max Keiser also opined that Musk would soon be a maximalist himself. 

At the time of writing, the Bitcoin price is trading at around $18,600, up in the last 24 hours, according to data from CoinMarketCap.

Bitcoin
BTC trading at $118,290 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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