SpaceX has moved $153 million worth of Bitcoin from a dormant Bitcoin wallet. According to reports, the Bitcoin wallet contained about 1,308.45 BTC, with the Elon Musk-owned firm moving it to a new wallet, according to data from Arkham Intelligence.
The digital asset has remained untouched for about three years. The only transaction before this transfer was a small test transaction sent to Coinbase Prime to confirm the path before moving the entire thing. Once the test was successful, the entire amount was moved in a single transaction. Despite the size of the transaction, the transaction fee was about $29, or 0.00024831 BTC. That is less than what most people pay for a decent meal, being used to move nine figures worth of Bitcoin.
SpaceX holds over 6,900 BTC under Coinbase Prime
The receiving address is yet to move or spend a single coin so far, pointing to a potential cold storage reshuffle or internal security upgrade, not a sale. Blockchain logs also show that SpaceX had received multiple large deposits from Coinbase between three and four years ago. These transfers ranged from 1,100 to 1,279 BTC each. Back when Bitcoin was peaking during the 2021 bull run, those holdings were worth over $1.6 billion.
Presently, Arkham Intelligence’s tracking reports that the company’s Bitcoin reserves are sitting at around 6,977 BTC, currently held with Coinbase Prime. With today’s market value, that equals roughly $818.3 million, almost half of what it was during the all-time highs. The first public confirmation of SpaceX’s Bitcoin investment came in 2021, when Elon Musk confirmed the company had bought in, though he never mentioned how much.
Reports after the purchase mentioned that the firm had about $373 million in BTC on its balance sheet that year. What happened next wasn’t exactly bullish. Internal records showed the company had written down $373 million in losses across 2021 and 2022 and may have sold some or all of its Bitcoin. But the recent wallet move makes it clear they still have a large stack.
Documents released at the time also confirmed that SpaceX had booked the BTC as part of its assets, but never made it clear if it dumped the full amount. Elon’s statement followed shortly after Tesla’s $1.5 billion Bitcoin buy, a move that shot Bitcoin to new highs. Then, in Q2 2022, Tesla sold 75% of its Bitcoin holdings for $936 million, leaving just $184 million worth on the books.
While SpaceX quietly repositions its crypto, the Bitcoin network is also showing some important signs. The asset’s price has cooled slightly in the last week, down about 3%, now trading just under $119,000. After a steady climb over several months, both retail and institutional traders appear to be reassessing their exposure.
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