SpaceX transfers $105 million in bitcoin to unmarked wallets: Arkham
Quick Take Elon Musk’s SpaceX moved $105 million worth of bitcoin on Wednesday. The company currently holds 6,095 BTC, valued at roughly $552.9 million.
Elon Musk's aerospace company SpaceX transferred over $105.4 million worth of bitcoin on Wednesday, according to data from Arkham Intelligence.
SpaceX moved 1,163 BTC to two unmarked wallets at around 6:16 p.m., where 399 BTC was sent to address "bc1qh…galzy" and 764 BTC was transferred to "bc1q4…u54ez," Arkham data shows.
This is the company's first notable bitcoin transfer since Oct. 29, when it moved 281 BTC to a new wallet address.
According to Arkham, SpaceX currently holds approximately 6,095 BTC, worth around $552.9 million as of today. Bitcoin is trading at $90,921 as of 9 p.m. on Wednesday, up 3.14% in the past 24 hours.
SpaceX's motive behind the transfers is unclear. Some have suggested that SpaceX is simply transferring bitcoin in an effort to consolidate its BTC while moving the cryptocurrency from older, legacy wallet addresses to new, modern ones.
In mid-2022, SpaceX reportedly reduced its bitcoin holdings by around 70%, possibly triggered by the market-wide shock caused by the Terra-Luna meltdown and the collapse of FTX. SpaceX has not purchased more bitcoin since, according to Arkham data.
Musk's Tesla also sold off a bulk of its bitcoin holdings in 2022. It currently holds 11,509 BTC, worth $1.05 billion, according to Arkham data.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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