Three years of HODLing ends with a bang—SpaceX just moved a mountain of Bitcoin. Was Elon playing the long game, or is this the first domino to fall?
Wallet watchers spotted the $152M transaction—enough to make even diamond hands sweat. The timing? Suspiciously quiet, like a Tesla rolling on midnight tires.
Market impact? Please. Wall Street still thinks 'blockchain' is a new SoulCycle class. But crypto degens know: when whales move, tides turn.
Final thought: Maybe Elon's just funding his next Mars rocket. Or maybe he finally realized Bitcoin beats Twitter for trolling bankers.
SpaceX Wallet Springs to Life with Largest Move in 3 Years
The recent large-scale movement came after the SpaceX wallet sent a small transaction of 0.000248 BTC (worth less than $30) to Coinbase Prime.
Historical transaction logs reveal that between three and four years ago, SpaceX received multiple Bitcoin inflows from Coinbase wallets, with single deposits ranging from 1,100 to 1,279 BTC.
At the time, the dollar value of these holdings exceeded $1.6 billion during the 2021 bull run, but the current value of the company’s BTC holdings stands at roughly $818.3 million.
Arkham’s portfolio tracking indicates that SpaceX’s total Bitcoin holdings are now 6,977 BTC, stored under Coinbase Prime custody.
The receiving address has not yet spent the funds, suggesting that the transfer may have been a wallet reshuffle, possibly for enhanced security or restructuring of cold storage protocols.
SpaceX’s Foray into Bitcoin
SpaceX first made headlines in 2021, when Elon Musk revealed that the company held Bitcoin, though he stopped short of giving precise figures.
Subsequent reporting uncovered that by early 2021, SpaceX had amassed around 25,724 BTC, estimated at the time to be worth roughly $373 million
However, the firm reportedly wrote down $373 million in Bitcoin holdings across 2021 and 2022 and may have sold all or most of it, according to documents reviewed by The Wall Street Journal.
The report shows the firm had recorded these BTC assets on its balance sheet, though it’s unclear if the entire stash was liquidated.
Elon Musk had publicly confirmed SpaceX’s Bitcoin investment in 2021 following Tesla’s $1.5 billion BTC purchase, which coincided with Bitcoin reaching then-record highs.
Tesla later sold 75% of its Bitcoin in Q2 2022 for $936 million, retaining only $184 million worth. Musk, a vocal crypto advocate, has frequently influenced markets with his commentary on Bitcoin and Dogecoin.
