SpaceX, the advanced rockets and spacecraft company, has moved another batch of Bitcoin worth around $133.68 million.
Based on data from Arkham Intelligence, SpaceX transferred a total of 1,215 BTC on Friday. The company moved 300 BTC and 915 BTC into two separate wallets. This is the second time SpaceX has moved its Bitcoin holdings within a week. Just a few days earlier, the company transferred $268 million worth of BTC into new wallets.
The movement of coins doesn’t indicate an intention to sell but rather suggests that SpaceX is migrating its holdings from legacy wallets to new and more secure wallets.
SpaceX holds 6,970 Bitcoin
At the time of writing, SpaceX holds 6,970 bitcoins, worth ~$772.15 million. SpaceX, along with Tesla, started accumulating Bitcoin in 2020-2021.
A year later, Elon Musk began advocating cryptocurrencies. That was during the previous crypto bull run. The entrepreneur consistently endorsed Dogecoin and Bitcoin.
Around that time, Tesla announced it would begin accepting Bitcoin as payment from electric vehicle buyers. But after about three to four months, Tesla scrapped those plans due to Bitcoin mining’s environmental impact.
Tesla purchased $1.5 billion worth of Bitcoin. But the EV maker later sold a major portion of its BTC holdings. It originally held around 48,000 BTC and sold 75% of its position in 2022. Tesla missed out on billions of dollars by selling BTC early.
As of today, Tesla holds 11,509 BTC, according to data from Arkham Intelligence.
SpaceX, on the other hand, has not made any major Bitcoin purchases or sales since 2022. The company has not officially disclosed its Bitcoin acquisition strategy.
In other related news, the US government has moved a bunch of coins seized from Alameda Research over 2 years ago. It moved $1 worth of Viberate token, $36 of OCEAN tokens, and $60 of HOT tokens.
Bitcoin is currently trading at $111,017, with a market capitalization of $2.2 trillion and a trading volume of $50 billion. Ether is standing at $3,940 and has been struggling to break over the $4,000 barrier over the last 24 hours.
Bitcoin’s dominance is standing strong at 57.7%, while Ethereum has a 12.4% share of the crypto market. The overall market sentiment is labeled fear-based on the Crypto Fear and Greed Index.
The crypto market is still trying to recover after the recent market crash due to Trump’s tariff hit on China, which caused massive liquidations across exchanges.
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