On July 22, a wallet linked to SpaceX conducted its largest Bitcoin transaction in over three years, moving 1,308.45 BTC, valued at roughly $152.85 million, to a new address. The transaction, first reported by Arkham Intelligence, was executed with a nominal fee of 0.00024831 BTC about $29 indicating standard network activity rather than urgency.
Blockchain data shows the recipient address hasn’t moved the funds yet, suggesting the transfer could be an internal reshuffle, potentially aimed at improving security or reconfiguring cold storage protocols.
Was this an internal transfer or a sign of sell-off?
Though the sudden activation of a long-dormant wallet sparked speculation, Arkham’s data shows no net reduction in SpaceX’s total BTC holdings. In fact, its Bitcoin balance currently stands at 6,977 BTC, or approximately $818.3 million, all held under Coinbase Prime custody.
Before this week’s movement, SpaceX’s wallet had remained largely inactive, with its previous large BTC inflows dating back three to four years. These transactions originated from Coinbase wallets, with single deposits ranging from 1,100 to 1,279 BTC.
During the 2021 bull market, the value of these holdings once exceeded $1.6 billion, a figure that has since corrected with market fluctuations. The recent reshuffle indicates no active liquidations, meaning the company appears to be holding rather than selling its assets at least for now.
Musk’s Bitcoin timeline: From Tesla to SpaceX
The renewed activity in SpaceX’s Bitcoin wallet has rekindled interest in Elon Musk’s crypto strategy, especially as the billionaire’s influence over market sentiment continues.
Musk confirmed in 2021 that SpaceX had invested in Bitcoin, shortly after Tesla’s $1.5 billion BTC purchase. At the time, the combined announcements sent Bitcoin soaring to record highs. However, while Tesla sold 75% of its BTC holdings in Q2 2022 for $936 million, SpaceX’s strategy has been more opaque.
According to a Wall Street Journal report, SpaceX may have written down $373 million in Bitcoin exposure across 2021 and 2022, though it remains unclear whether the firm sold the entire stash or continues to hold a substantial amount. Today’s on-chain evidence suggests that at least 6,977 BTC remain under custody, despite speculation of prior sales.
Market speculation grows around Musk’s next move
Given Musk’s history of influencing crypto markets particularly with Bitcoin and Dogecoin every move by entities under his control is watched closely. While no BTC has been sold in this latest transaction, the sheer size of the transfer has sparked conversations around SpaceX’s broader treasury strategy.
Whether this marks a simple wallet restructuring or the prelude to future sales remains to be seen. For now, on-chain data shows that SpaceX remains a significant holder in the Bitcoin ecosystem and its recent activity is likely to keep analysts, traders, and fans of Musk guessing.