SpaceX has transferred a substantial amount of Bitcoin to undisclosed digital addresses, prompting cryptocurrency market analysts to speculate about the aerospace company’s evolving financial strategy.
The company moved 2,495 Bitcoin (BTC) on Tuesday, an amount valued at approximately $270 million at current exchange rates. This marks SpaceX’s first significant Bitcoin transaction since July and only its second in the last three years.
Blockchain intelligence firm Arkham Intelligence reported the movements. The funds were sent in two separate batches of 1,298 BTC and 1,197 BTC to multiple unidentified digital wallets.
These receiving accounts have not recorded any subsequent activity, such as sales or additional transfers. This suggests the operation was an internal reshuffling rather than a liquidation.
SpaceX still holds 5,790 BTC in its portfolio, valued at roughly $628 million. The company has not officially commented on the purpose of these transfers.
Analysts are closely watching to see if the move indicates a shift in the financial approach of the company, which is known for its ambitious projects in space exploration. The operation coincides with a general downturn in the cryptocurrency market, with Bitcoin trading around $108,606, down 2% daily.
The aerospace firm, led by Elon Musk, last moved 1,308 BTC in July to an unidentified address. This prior transfer was the first since 2022.
Elon Musk disclosed in July 2021 that both Tesla and SpaceX held Bitcoin. Tesla had initially invested $1.5 billion in Bitcoin. While Tesla later sold a significant portion, it still maintains 11,509 BTC.
SpaceX has not increased its Bitcoin holdings since mid-2022. During that period, the company reduced its positions by approximately 70% amid market turbulence and prominent project collapses.