SpaceX Moves $152M BTC After Three Years – Is Elon Musk Looking to Dump Bitcoin?

Elon Musk’s SpaceX has moved over $152 million worth of Bitcoin after more than three years of dormancy, according to data from blockchain analytics platform Arkham Intelligence.

On July 22, a wallet linked to SpaceX executed a large Bitcoin transaction, transferring 1,308.45 BTC, valued at approximately $152.85 million, to a new address.

The fee paid for the transaction was a mere 0.00024831 BTC (about $29), onchain data shows.

SpaceX Wallet Springs to Life with Largest Move in 3 Years

The recent large-scale movement came after the SpaceX wallet sent a small transaction of 0.000248 BTC (worth less than $30) to Coinbase Prime.

Historical transaction logs reveal that between three and four years ago, SpaceX received multiple Bitcoin inflows from Coinbase wallets, with single deposits ranging from 1,100 to 1,279 BTC.

At the time, the dollar value of these holdings exceeded $1.6 billion during the 2021 bull run, but the current value of the company’s BTC holdings stands at roughly $818.3 million.

Arkham’s portfolio tracking indicates that SpaceX’s total Bitcoin holdings are now 6,977 BTC, stored under Coinbase Prime custody.

The receiving address has not yet spent the funds, suggesting that the transfer may have been a wallet reshuffle, possibly for enhanced security or restructuring of cold storage protocols.

SpaceX’s Foray into Bitcoin

SpaceX first made headlines in 2021, when Elon Musk revealed that the company held Bitcoin, though he stopped short of giving precise figures.

Subsequent reporting uncovered that by early 2021, SpaceX had amassed around 25,724 BTC, estimated at the time to be worth roughly $373 million

However, the firm reportedly wrote down $373 million in Bitcoin holdings across 2021 and 2022 and may have sold all or most of it, according to documents reviewed by The Wall Street Journal.

The report shows the firm had recorded these BTC assets on its balance sheet, though it’s unclear if the entire stash was liquidated.

Elon Musk had publicly confirmed SpaceX’s Bitcoin investment in 2021 following Tesla’s $1.5 billion BTC purchase, which coincided with Bitcoin reaching then-record highs.

Tesla later sold 75% of its Bitcoin in Q2 2022 for $936 million, retaining only $184 million worth. Musk, a vocal crypto advocate, has frequently influenced markets with his commentary on Bitcoin and Dogecoin.