SpaceX Shifts $134 Million Bitcoin to New Wallets Amid Strategy Shift

Bitcoin

SpaceX Shifts $134 Million Bitcoin to New Wallets Amid Strategy Shift

• SpaceX transferred $134 million worth of Bitcoin to new wallets on October 24, according to Arkham data.
• The transaction included 300 BTC valued at $33 million and 915 BTC worth $100.7 million.
• This move marks the second Bitcoin transfer by SpaceX in one week, following a previous transfer of 2,395 BTC.
• Analysts speculate that SpaceX may be reorganizing its Bitcoin holdings or moving assets to Coinbase Prime for custody.
• SpaceX now holds approximately 6,970 BTC, valued at around $770 million.

SpaceX has moved over $134 million worth of Bitcoin (BTC) to new wallets, according to data from Arkham. The transaction occurred on Friday, October 24, when SpaceX transferred 300 BTC and 915 BTC to unmarked addresses. This follows a similar move earlier this week, when the company also transferred Bitcoin holdings.

Details of the Latest Bitcoin Transfer

SpaceXs latest transaction involved the transfer of 300 BTC, valued at $33 million, and another 915 BTC, worth $100.7 million. Blockchain data from Arkham highlights that the company continues to shift Bitcoin to unmarked wallets. Analysts believe these transfers may be part of a larger strategy to reorganize the wallet.

This is the second time this week that SpaceX has moved Bitcoin, following a transfer of 2,395 BTC last week. That earlier transaction was worth over $268 million. Both transfers suggest SpaceX is actively managing its Bitcoin holdings, which are worth an estimated $770 million.

SpaceX Holds $770 Million in Bitcoin Reserves

Currently, SpaceX holds around 6,970 Bitcoin, valued at roughly $770 million. These transactions could be part of the companys broader strategy to manage its cryptocurrency assets. Industry analysts have speculated that SpaceX could be sending part of its Bitcoin to Coinbase Prime for custody purposes.

The recent Bitcoin movements are notable because SpaceX had not transferred Bitcoin for several months. In a previous move, the company transferred 2,395 BTC after a period of inactivity. This weeks transfers indicate that SpaceX is resuming its Bitcoin transactions, though the company has yet to clarify the reasons behind the shifts.

SpaceXs actions come after Tesla, another Musk-owned company, sold much of its Bitcoin holdings in 2022. Tesla now holds approximately 11,509 BTC, valued at $1.24 billion. The company ranks 11th among public Bitcoin holders, with SpaceX continuing to build its own Bitcoin reserves.

The post SpaceX Shifts $134 Million Bitcoin to New Wallets Amid Strategy Shift appeared first on Blockonomi.