SpaceX’s transfer of 1,163 BTC to two separate wallets has revived questions about the company’s ongoing Bitcoin strategy.
SpaceX drew significant attention on Wednesday after executing one of its largest recent Bitcoin transfers. According to Arkham Intelligence, the company moved 1,163 BTC worth roughly 105 million dollars into two unmarked wallets. This marks SpaceX’s biggest recorded transfer since its previous activity in October.
Data shows that 399 BTC was sent to the address “bc1qh…galzy” while another 764 BTC landed in “bc1q4…u54ez.” The last notable transaction from the company occurred on October 29, when 281 BTC was moved to a new wallet. Arkham’s latest figures indicate that SpaceX currently holds 6,095 BTC valued at approximately 552.9 million dollars. At the time of writing, Bitcoin is trading at 90,921 dollars.
The motivation behind SpaceX’s Bitcoin transfer remains uncertain. Market commentators suggest the company may be shifting its holdings to more secure or updated wallets. Others believe this could be part of a consolidation effort aimed at gathering BTC into fewer locations.
SpaceX sold about 70 percent of its Bitcoin holdings during the market turmoil of 2022, triggered by the Terra Luna collapse and the FTX bankruptcy. Since then, there’s been no on chain evidence indicating new BTC purchases by the company. Musk’s other firm Tesla also made sizeable sales during the same period and still holds 11,509 BTC, worth around 1.05 billion dollars today.
