Elon Musk’s SpaceX Moves Bitcoin Holdings For The First Time In 3 Years, Here’s Where It Went

SpaceX, owned by Elon Musk, has transferred 1,300 Bitcoin (worth $153 million) to a new address, sparking concerns about a potential sale. However, the transfer is likely for custody purposes rather than a sale, as the funds were sent to an unknown wallet rather than an exchange like Coinbase. This is the first time SpaceX has moved its Bitcoin holdings in three years, with the company still holding 6,977 BTC (worth $827.41 million) in its recognized wallets. SpaceX first disclosed its Bitcoin holdings in 2021, around the same time Tesla, also owned by Musk, announced its own Bitcoin purchase. Tesla holds 11,509 BTC, worth around $1.37 billion, and hasn't moved any coins in the last nine months. Musk's belief in Bitcoin as a hedge appears to be growing, making it unlikely that SpaceX is looking to offload its coins. Musk recently confirmed that his America Party will embrace Bitcoin, and he has also hinted at potentially investing heavily in the cryptocurrency. The Bitcoin price is currently trading at around $18,600, up in the last 24 hours. Despite the transfer, SpaceX remains one of the largest public Bitcoin treasuries, according to BitcoinTreasuries' data. Musk's increasing support for Bitcoin suggests that he may become a maximalist, as predicted by BTC maximalist Max Keiser.