According to data from blockchain analysis platform Arkham Intelligence, Elon Musk's SpaceX transferred over $152 million in Bitcoin after more than three years of inactivity.
On July 22, a wallet linked to SpaceX executed a large Bitcoin transaction, transferring 1,308.45 BTC, worth approximately $152.85 million, to a new address.
On-chain data shows that the fee for the transaction was only 0.00024831 BTC (about $29).
SpaceX wallet is active again with the largest transfer in 3 years
The recent large-scale move comes after the SpaceX wallet sent a small transaction worth 0.000248 BTC (valued at under $30) to Coinbase Prime.
Historical transaction logs show that three to four years ago, SpaceX received multiple Bitcoin inflows from a Coinbase wallet, with individual deposits ranging from 1,100 to 1,279 BTC.
At that time, the dollar value of this stake exceeded $1.6 billion during the 2021 bull run, but the current value of the BTC held by the company is only around $818.3 million.
Arkham's portfolio tracking shows that the total amount of Bitcoin held by SpaceX is now 6,977 BTC, stored under the supervision of Coinbase Prime.
The receiving address has yet to spend, indicating that the money transfer may be a wallet reorganization, possibly to enhance security or restructure cold storage protocols.
SpaceX's breakthrough into Bitcoin
SpaceX first drew attention in 2021 when Elon Musk revealed that the company held Bitcoin, although he did not provide an exact figure.
Reports later revealed that in early 2021, SpaceX had accumulated around 25,724 BTC, estimated at that time to be worth approximately $373 million
However, according to documents reviewed by The Wall Street Journal, the company is said to have written down $373 million in Bitcoin held in 2021 and 2022 and may have sold all or most of that amount.
Reports indicate that the company recorded these BTC assets on its balance sheet, although it is unclear whether the entire amount has been liquidated.
Elon Musk publicly confirmed SpaceX's Bitcoin investment in 2021 after Tesla purchased BTC for $1.5 billion, coinciding with Bitcoin hitting its then all-time high.
Tesla later sold 75% of its Bitcoin in Q2 2022 for $936 million, retaining only $184 million. As a strong advocate of cryptocurrency, Musk often influences the market with his comments about Bitcoin and Dogecoin.
