- SpaceX shifts $268.5 million in Bitcoin amid market decline.
- Analyst links transfer to internal wallet reorganization on Coinbase Prime.
- Tesla and SpaceX maintain strong Bitcoin exposure despite crypto volatility.
SpaceX has transferred approximately $268.5 million worth of Bitcoin, marking its first major movement of the asset since July. Data from Arkham Intelligence shows the aerospace firm shifted 2,495 BTC to several wallet addresses that remain unidentified on the platform. So far, these wallets have not made any additional transactions or sales.
The recent transfer represents the first notable change in SpaceX’s Bitcoin reserve since June 2022. During this period, the company’s holdings were consistently reported at around 8,285 BTC. The motive behind this transfer remains undisclosed, leaving analysts and investors watching closely for further developments.
Analyst Suggests Wallet Reorganization
According to Aunt Ai (ai_9684xtpa), the movement could simply be part of SpaceX’s internal wallet reorganization. She noted that previous transactions traced on Arkham were later identified as transfers to a custody address on Coinbase Prime. This observation suggests that SpaceX may be managing its holdings rather than selling them.
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Besides, the transfer comes at a time when the broader crypto market is experiencing a downturn. Bitcoin has fallen 3.21% in the past day, currently trading at around $107,685. Similarly, other crypto indices such as GMUT and GMETHEX have recorded declines of 5.16% and 4.39% respectively.
Background on SpaceX and Tesla’s Crypto Exposure
In mid-2022, SpaceX reportedly reduced its Bitcoin holdings by nearly 70% following a series of market shocks. The collapse of Terra-Luna in May and the failure of FTX later that year sent ripples across the market, prompting many companies to rebalance their portfolios. Since then, Arkham data shows SpaceX has not purchased additional Bitcoin.
Elon Musk’s Tesla followed a similar path, selling most of its holdings in 2022. Tesla currently holds 11,509 BTC, valued at roughly $1.24 billion. Despite the current market turbulence, both companies continue to maintain substantial Bitcoin positions, underscoring their long-standing exposure to digital assets.
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