Elon Musk’s aerospace company SpaceX transferred $133.7 million worth of bitcoin on Friday, marking its second significant bitcoin movement in less than a week, according to Arkham Intelligence.
Recent transfers and current holdings
Earlier this week, SpaceX moved approximately $268.5 million in bitcoin, making these the first major transactions since July.
According to Arkham, the company currently holds around 6,970 bitcoin, valued at about $770 million.
Reasons for transfers
Some observers suggest these transfers are aimed at consolidating SpaceX’s bitcoin, moving coins from older legacy wallet addresses to newer, more secure ones.
Arkham’s data does not indicate any recent bitcoin purchases by SpaceX.
Comparison with Tesla’s bitcoin strategy
In mid-2022, SpaceX reportedly reduced its bitcoin holdings by roughly 70% following market turmoil triggered by the Terra-Luna collapse and the FTX bankruptcy.
Since then, there have been no reports of additional acquisitions.
Musk’s other company, Tesla, also sold off a significant portion of its bitcoin in 2022.
Tesla currently holds 11,509 BTC, worth about $1.24 billion.
Broader context
SpaceX and Tesla’s bitcoin activities highlight the shifting strategies of major companies as they navigate market volatility and security considerations.
To see how other public companies manage their bitcoin reserves, visit the bitcoin treasuries database.
