SpaceX, Elon Musk’s aerospace company, has executed a significant SpaceX Bitcoin movement valued at $257 million. The operation occurred this Tuesday, marking the firm’s second major transfer in three months, according to data from the intelligence platform Nansen. This move raises new questions about the company’s crypto strategy.
The on-chain analysis details the nature of the operation. Nansen identified transactions originating from wallets labeled as belonging to SpaceX. Specifically, the wallet known as “1MDyM” transferred $130 million in Bitcoin to a newly created address, “bc1qj”. Around the same time, another SpaceX wallet, “1AXeF”, sent $127 million to the address “bc1qq”. It is crucial to note that, so far, the funds remain untouched in the receiving addresses. They have neither been transferred to an exchange nor sold. Furthermore, SpaceX has not issued any official comment clarifying the reason behind these significant transfers.
This event becomes more relevant as it is not an isolated incident. This is the company’s second large transfer in just three months. Last July, the aerospace firm had already moved $153 million in BTC. That was the first movement of funds since 2022. Naturally, this activity fuels market speculation about a potential asset sale. This speculation coincides with a time of high pressure for the company. NASA recently announced it will open the lunar lander contract to other competitors. SpaceX faces notable delays in its Starship vehicle timeline, opening the door for rivals like Blue Origin.
Is Elon Musk preparing to sell his Bitcoin reserves?
Although these internal transfers do not confirm an imminent sale, they inject a dose of uncertainty into the crypto market. Investors and analysts remember well Elon Musk’s profound influence on Bitcoin’s price. The billionaire’s relationship with the industry has been complicated. In 2021, Tesla, another of his companies, purchased $1.5 billion in BTC. However, shortly after, in May 2021, Tesla abruptly suspended payments with Bitcoin for its vehicles.
The company cited environmental concerns about BTC mining. This decision caused a 6% drop in the asset’s price in just one hour. Although Musk promised to resume payments if sustainable mining exceeded 50%, Tesla has not yet reinstated the option, even though current reports place sustainable mining above 55%.
Musk’s crypto strategy remains an enigma. While he has publicly praised Bitcoin for its economic model, his companies move funds at critical moments of financial pressure. The market continues to watch these wallets closely. The crypto community is debating whether this $257 million is simply a treasury reorganization. Or, conversely, if it is the prelude to a strategic liquidation that could have repercussions in the sector. SpaceX’s silence only heightens the speculation.
