Simply put
- SpaceX is consolidating its Bitcoin holdings, valued at $153 million, into a single wallet, according to Arkham Intelligence data.
- Private companies generally hold 8,285 Bitcoin, which is about $990 million in total. This movement comes amid some public disputes with former President Donald Trump, leading to increased concern among investors regarding SpaceX.
According to data from Arkham Intelligence, SpaceX has completed a transaction involving its $153 million Bitcoin asset, marking its first blockchain activity in three years.
The aerospace company transferred 16 BTC from various Pay-to-Public-Key-Hash addresses to different wallets. SpaceX currently holds 8,285 Bitcoins, roughly amounting to $988.89 million.
Interestingly, the last Bitcoin transaction by SpaceX was back in June 2022, when over 3,500 tokens were moved to Coinbase.
It’s not entirely clear why the company made this recent Bitcoin transfer, though.
Representatives from SpaceX didn’t provide any responses to inquiries regarding this on-chain activity.
SpaceX was established in 2002 by Elon Musk, who is originally from South Africa. Bitcoin first appeared on SpaceX’s radar in July 2021. The company also owns about $1.37 billion in cryptocurrency, as noted by Bitcoin Treasuries.
Shortly after the Trump administration began reviewing SpaceX’s government contracts, moves among private companies in Bitcoin gained attention. This scrutiny arose from conflicts between President Trump and Elon Musk, given that SpaceX has historically secured more than $1 billion in government contracts, loans, subsidies, and tax credits since 2016.
Concerns have been raised about SpaceX recently, particularly regarding Musk’s leadership. There’s speculation that the company might have to liquidate some Bitcoin to acquire needed funds. However, it seems that immediate selling of digital assets may not be necessary.
In a recent plan, the company is looking to sell around $1 billion in shares. This is part of a transaction potentially valued at about $400 billion, according to reports from sources familiar with the situation.
Recently, Bitcoin has been trading at approximately $119,800, experiencing more than a 2% increase in the previous 24 hours. As the largest cryptocurrency by market value, BTC has surged by 21% over the past month.
