Elon Musk’s SpaceX shifts $270 million in Bitcoin

Elon Musk-owned startup SpaceX has moved 2,495 Bitcoin to new addresses for the first time in more than three months. The company transferred the BTC worth $268.47 million in two batches: 1,197 BTC to bc1qq787 and 1,298 BTC to bc1qj7en.

SpaceX’s latest transfers mean the startup has now moved BTC from its wallets three times since July. It had been inactive for approximately three years prior to then.

SpaceX Likely Set to Sell More Bitcoin

While there are speculations about SpaceX’s intentions, the most likely reason is that the company plans to sell Bitcoin. Onchain data supports this possibility, given that SpaceX also sent $152.1 million BTC to Coinbase Prime custody three months ago.

According to data from Arkham Intelligence, the space exploration startup moved the 1,308 BTC to the Coinbase Prime address in July before eventually selling. The latest transfers follow that pattern, although the funds are still in the new addresses.

With these transfers, SpaceX has now become active with its Bitcoin stash after being dormant for three years until July 2025. The company’s ownership of BTC became public in July 2021, with Musk disclosing it.

Although the billionaire did not specify the amount of Bitcoin SpaceX purchased, Bitcoin Treasuries data shows that the company held 25,724 Bitcoin. It bought the BTC for an average price of $33,000. With Bitcoin now worth over $100,000, SpaceX has made massive gains and has been selling its holdings.

Arkham Intelligence data indicates that the company’s BTC holdings are now approximately 5,790 BTC, valued at around $623 million. This highlights how the company has been selling off its BTC over the past few years, particularly in 2022 after the market crash.

SpaceX’s decision to sell off most of its BTC is similar to the move by Tesla, another Musk-owned company, to own Bitcoin. Tesla purchased 43,000 BTC for $1.5 billion in 2021 but has since sold off most of its BTC, retaining only 11,500 BTC.

Elon Musk Back to Talking Crypto

The recent BTC transfer by SpaceX comes only a few days after Musk praised Bitcoin as being based on energy and impossible to fake. The billionaire noted that Bitcoin is superior to fiat currency.

The post was his first praising Bitcoin in almost two years. He has mostly been quiet about the flagship asset, although he said in July that his American Party will support crypto.

Interestingly, Musk’s AI-generated video post about his pet dog Floki also caused a brief surge in the memecoin market. FLOKI coin surged more than 20% after the post, although it has now declined again.

Meanwhile, Bitcoin continues struggling with the flagship asset, dropping almost 3% in the last 24 hours. It is now trading around $107,000, with many experts believing this could mark a bottom for the asset.