This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Introduction
SpaceX executed significant Bitcoin transfers totaling $133.7 million on Friday, moving 1,215 BTC to new unlabeled wallets in the latest of several cryptocurrency movements by Elon Musk’s aerospace company. The transfers come as SpaceX maintains one of the largest corporate Bitcoin treasuries globally, ranking fourth among privately held companies with approximately $914 million in Bitcoin holdings prior to the recent activity. Meanwhile, Tesla continues to hold over $1.27 billion in Bitcoin assets, having recently capitalized on accounting rule changes to book substantial quarterly profits.
Key Points
- SpaceX transferred 1,215 BTC ($133.7M) to new unlabeled wallets, following similar moves earlier in the week
- The company ranks fourth among privately held firms with Bitcoin treasuries, holding 8,285 BTC worth $914M before transfers
- Tesla maintains 11,509 BTC ($1.27B) and recently booked $600M in quarterly profits due to accounting rule changes and Bitcoin price appreciation
SpaceX's Bitcoin Movements Raise Questions
According to blockchain analytics firm Arkham Intelligence, SpaceX transferred 1,215 Bitcoin in two separate transactions—300 BTC worth $33 million and 915 BTC valued at $100.7 million—to new wallets on Friday. This activity follows similarly sized movements earlier in the week, though unlike previous transfers, the destination wallets are not currently labeled as belonging to the Hawthorne, California-based aerospace company. The purpose behind these transfers remains unclear, with SpaceX representatives not immediately responding to requests for comment regarding the company’s Bitcoin strategy.
Prior to these latest movements, SpaceX held 8,285 BTC worth approximately $914 million, based on Bitcoin’s recent trading price above $110,000. This positions the company as the fourth-largest holder of Bitcoin among privately held corporations globally, according to data from BitcoinTreasuries.net. The recent activity marks a continuation of SpaceX’s renewed engagement with its cryptocurrency holdings after a period of dormancy—the company had not registered any on-chain Bitcoin activity until earlier this year when it consolidated some holdings, ending a three-year period of inactivity.
Historical Context and Tesla's Parallel Holdings
SpaceX’s current Bitcoin position represents a significant reduction from its historical holdings. In 2022, addresses labeled as belonging to the company contained as much as 25,000 BTC, but this amount dropped to 8,285 BTC by June of that year. The reasons for this substantial reduction remain undisclosed, though the timing coincided with broader market volatility in the cryptocurrency space. The company’s renewed activity this year has drawn attention from market observers tracking corporate Bitcoin adoption.
Another Elon Musk-led company, Tesla, maintains an even larger Bitcoin treasury, currently holding 11,509 BTC worth more than $1.27 billion. This positions Tesla just outside the top 10 publicly traded companies with Bitcoin holdings. Earlier this year, Tesla revalued its cryptocurrency assets based on new accounting rules, allowing the company to book more than $600 million in quarterly profits as Bitcoin prices rose following the election of President Donald Trump. Tesla’s most recent recorded on-chain activity occurred in October 2024, when it moved approximately $765 million in Bitcoin to new wallets.
Market Impact and Corporate Crypto Trends
The movements by SpaceX and Tesla occur against a backdrop of fluctuating Bitcoin prices, with the cryptocurrency trading at $110,541 at the time of the transfers—down 0.3% on the day and approximately 12% below its all-time high of $126,080. Despite this modest decline, Bitcoin remains at elevated levels compared to historical prices, contributing to the substantial valuation of corporate treasuries held by both companies.
The cryptocurrency activities of Musk’s companies continue to draw significant market attention, with investors and analysts closely monitoring any indications of buying, selling, or strategic repositioning. The lack of immediate clarity regarding SpaceX’s intentions with its recent transfers highlights the opaque nature of corporate cryptocurrency strategies, even as blockchain analytics provide unprecedented transparency into wallet movements. As more companies consider digital asset adoption, the actions of early corporate adopters like SpaceX and Tesla serve as important indicators for broader market trends.
📎 Read the original article on decrypt.co