📡 Elon’s SpaceX Reshuffles BTC Holdings—Market Watching Closely 👀📈
Musk's SpaceX transferred its Bitcoin holdings for the first time in three years, raising crypto community eyebrows. This raises questions about the firm selling its currency.
SpaceX Moves Bitcoin Holdings To New Address
Arkham Intelligence, a onchain analytics platform, said that SpaceX transferred Bitcoin for the first time in three years in an X post. The corporation deposited 1,300 BTC ($153 million) to a new address this morning.
SpaceX sent cash to an unidentified wallet (bc1q8….phartf), suggesting it is for safekeeping rather than sale. Notably, Elon Musk's firm previously sent Bitcoin to Coinbase three years ago, which was more of a sell signal than this current transfer.
SpaceX may have shifted these $153 million to Coinbase again rather than a new address if it wanted to sell them. Arkham data reveals that the transferred coins stay undisturbed in the new address. In its registered wallets, the business has 6,977 BTC ($827.41 million).
SpaceX revealed their Bitcoin holdings in 2021. Tesla, owned by Elon Musk, also revealed it had bought Bitcoin and was considering accepting it as payment. Tesla has 11,509 BTC, worth $1.37 billion, according to Arkham.
Tesla's coins haven't changed in nine months. According to BitcoinTreasuries, the firm is the 10th biggest public Bitcoin treasury.
Elon Musk's conviction in Bitcoin's hedging potential is rising, therefore SpaceX's latest transfer is unlikely to sell its coins. This month, the world's wealthiest billionaire said his America Party would welcome Bitcoin because “fiat is hopeless.” He made this statement after the Big Beautiful Bill passed, which increases government expenditure and boosts BTC, which has a smaller supply than the dollar.
The world's wealthiest man may be stacking Bitcoin because of the government's planned money creation, according to a crypto community member. This means Musk may spend extensively in Bitcoin.
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