SpaceX transfers $152M BTC after 3 years - Is Elon Musk thinking of dumping Bitcoin?

 A wallet associated with SpaceX made a huge Bitcoin transaction on July 22, sending 1,308.45 BTC, worth about 152.85 million dollars, to a new address.

SpaceX, the company founded by Elon Musk, has transferred more than 152 million dollars worth of Bitcoin after being inactive in the blockchain network since more than 3 years.

   Main Points :-

   1 :- Three years after the last transaction, SpaceX transferred more than 152 million dollars in Bitcoin.

   2 :- It seems to be an internal transaction and there is no change in net holdings.

   3 :- SpaceX’s total Bitcoin hoard now is 6,977 BTC, stored through Coinbase Prime.

On July 22, a wallet associated with SpaceX made a big Bitcoin transaction, sending 1,308.45 BTC, worth around 152.85 million dollars, to a new address.

Onchain data indicates that the transaction fee was only 0.00024831 BTC (approximately 29 dollars).

SpaceX Wallet Springs to Life with Biggest Move in 3 Years

The new massive transfer was preceded by the SpaceX wallet transferring a minor amount of 0.000248 BTC (less than 30 dollars) to Coinbase Prime.

According to the historical transaction records, SpaceX has been receiving several Bitcoin inflows through Coinbase wallets about three to four years ago with individual deposits of 1,100-1,279 BTC.

The dollar value of these holdings was more than 1.6 billion dollars at the time of the 2021 bull run, but the current value of the BTC holdings of the company is approximately 818.3 million dollars.

According to Arkham’s portfolio tracking, SpaceX now holds 6,977 BTC under Coinbase Prime custody.

The receiving address has not yet used the money, which implies that the transfer might have been a reshuffle of wallets, perhaps in the interests of greater safety or consolidation of cold storage procedures.

source blockchain.com

SpaceX and its Bitcoin Adventure

The company made the first headlines in 2021 when Elon Musk announced that SpaceX owned Bitcoin, but he did not provide exact numbers.

Later reporting revealed that as of early 2021, SpaceX had accumulated approximately 25,724 BTC with an estimated value of approximately 373 million dollars at the time.

Nevertheless, the company is said to have written off 373 million dollars in Bitcoin reserves during 2021 and 2022 and could have sold all or most of it, based on documents obtained by The Wall Street Journal.

The report indicates that the firm had already accounted these BTC assets on its balance sheet but it is not clear whether the whole stash was sold.

In 2021, Elon Musk had publicly announced that SpaceX had invested in Bitcoin after Tesla had purchased 1.5 billion worth of the cryptocurrency, which was at the time all-time highs.

Tesla subsequently sold off 75 percent of its Bitcoin in Q2 2022 to the tune of 936 million dollars leaving it with 184 million dollars. Musk, who is a loud supporter of crypto, has often impacted the market through his remarks on Bitcoin and Dogecoin.

Disclaimer: Crypto is a very risky asset class. This article is meant to be informational and not investment advice. You may lose all your capital.