• SpaceX sent 153 million dollars in Bitcoin 3 years after not doing anything.
• Tesla and SpaceX have a combined holding of Bitcoin currently worth $2 billion in profits.
• The transfer is an indication of re-deployment or positioning and not imminent sale.

SpaceX, the aerospace company founded by Elon Musk, has moved more than 1,300 BTC worth more than 153 million dollars, being the first Bitcoin transfer after three years, according to blockchain analytics firm Arkham Intelligence. The inactive wallet, the last movement in which was registered in the middle of 2022, currently contains almost 7,000 BTC (more than 810 million dollars at the current rates).

Source – X

This is a substantial transfer that came shortly after Bitcoin made a new all-time high, trading above 122,800, sparking speculation over Musk crypto plans. 

Both Tesla and SpaceX have over 2 billion Bitcoin that they bought at an average of 32,000 dollars per coin, giving them an unrealised profit of almost 1.5 billion dollars.

Bitcoin Move Sparks Speculation Amid Market Surge

The motive behind the transfer remains unclear. Industry observers believe this movement may entail a restructuring of SpaceX’s cold storage or treasury management and not an impending sale. The receiving wallet has not yet sent any outbound transaction, which is an indication that it would lean towards more security and not liquidation.

SpaceX has already sold large volumes of Bitcoin to exchanges in 2022, but this new activity indicates a new interest in digital assets. Since Musk is widely known to be an advocate of cryptocurrencies, the act has fueled the discussion about the future applications of Bitcoin in his companies or the projects that he is associated with.

Musk’s Crypto Holdings: A $2 Billion Bet

The data presented by Arkham shows that altogether, the companies owned by Musk have a total amount of approximately 18,486 BTC, with 11,500 BTC, or almost 63 percent, belonging to Tesla and valued at 1.36 billion U.S. dollars and SpaceX having approximately 6,977 BTC and having a value of over 800 million U.S. dollars.

This hoard, purchased at a time when Bitcoin was trading at approximately 32,000 dollars, has become a gold mine in the balance sheets of the companies. The bullish market trend, which resulted in Bitcoin reaching new heights in the recent past, highlights the fact that Musk is confident in the long-term prospect of cryptocurrency as a store of value and a possible source of financial leverage.

According to industry insiders, SpaceX Bitcoin operations may be a precursor to blockchain-related developments or sources of financing that merge the dream of space exploration with cryptocurrency markets, though the motivation behind the transaction is still unclear at the time of writing, with Musk companies not making any official statement on the matter.