SpaceX Moves $134 Million Worth Of Bitcoin To New Wallets: Arkham

SpaceX has again transferred Bitcoin worth millions of dollars to news wallets, with $134 million in the flagship cryptocurrency moved on Friday, October 24.

Onchain data from blockchain analytics firm Arkham shows a wallet linked to the aerospace company, which is owned by Elon Musk, transferred over $133.7 million worth of Bitcoin (BTC) to new wallets.

According to Arkham data, the company moved 300 BTC worth $33 million and another 915 BTC worth $100.7 million. The transactions mark the second time this week that the U.S.-based company has transferred Bitcoin from its wallet to new unmarked ones.  

The latest BTC transfer comes after the space exploration giant moved its bitcoin holdings for the first time in three months. SpaceX broke the inactivity with a 2,395 BTC transfer to two addresses.

At the time, the coins were worth over $268 million and were split into 1,187 BTC and 1,208 BTC.  

While the industry has paid attention to these activities, analysts point to on-chain details as suggesting potential wallet reorganization. SpaceX sending part of its BTC to Coinbase Prime has some stating the movement is to custody, with a transfer fee likely made to Coinbase Prime.

Musk’s company currently holds about 6,970 Bitcoin worth roughly $770 million. Elsewhere, Tesla, another of Musk’s companies with BTC on its books, holds about 11,509 BTC worth $1.24 billion at current Bitcoin prices. Tesla sold most of its BTC holdings in 2022. 

Per data on public Bitcoin treasury companies, Tesla ranks 11th among the top 100 largest holders of Bitcoin among public companies. Strategy ranks first with 640,418 BTC, while MARA, XXI, and Metaplanet hold sizable chunks of 53,250 BTC, 43,514 BTC, and 30,823 BTC, respectively.