SpaceX has moved more than $400 million in Bitcoin this week in a series of large, internal transfers, according to blockchain analytics firm Arkham Intelligence. These significant movements suggest the aerospace company is consolidating its cryptocurrency holdings for enhanced security.
The latest transfer, valued at $133.7 million in Bitcoin, occurred late last week. This followed an earlier transaction on Tuesday that saw approximately $268.5 million in Bitcoin also moved.
Arkham Intelligence indicated that these operations are not sales but rather internal processes. Analysts suggest the transfers aim to centralize funds into newer, more secure digital wallets from older or legacy addresses.
SpaceX currently holds approximately 6,970 Bitcoin, valued at about $770 million. This makes it one of the largest corporate holders of the digital asset.
The magnitude of these transfers drew market attention, particularly as they coincided with a notable rebound in Bitcoin’s price during the past month. The company, owned by Elon Musk, appears to be restructuring its digital asset storage rather than actively buying or selling.
SpaceX previously reduced its Bitcoin reserves by about 70% in 2022, following the collapse of the Terra-Luna ecosystem and the subsequent FTX crisis. Arkham Intelligence reports that SpaceX has not made new Bitcoin purchases since that time.
Tesla, another company under Musk’s ownership, also sold a substantial portion of its Bitcoin holdings in 2022. Tesla currently retains 11,509 Bitcoin, worth an estimated $1.24 billion, and has made similar internal transfers to manage its crypto assets.
Both SpaceX and Tesla maintain significant, though more controlled, exposure to the cryptocurrency market than in previous periods of heightened institutional enthusiasm. These active management strategies reinforce Bitcoin’s narrative as a store of value within corporate portfolios as the digital asset ecosystem matures.