Elon Musk’s SpaceX Just Moved More of Its $894 Million Bitcoin Holdings

SpaceX, led by Elon Musk, has executed another Bitcoin transfer, involving 281 BTC valued over $31 million, from Coinbase Prime to a new wallet. This action continues a series of Bitcoin movements by the company and raises questions about whether it is merely reorganizing its storage, preparing for a potential sale, or has other plans for the funds. At present, SpaceX holds a total of 8,285 BTC, equivalent to $894 million, making it the fourth largest private corporate holder of Bitcoin. These recent transfers are notable as SpaceX had not made any changes to its Bitcoin positions for three years prior. Additionally, Elon Musk recently expressed praise for Bitcoin's energy consumption, a shift from his previous criticisms in 2021. This commentary ties into a broader discussion about the implications of asset debasement in light of investments in AI technology. SpaceX had previously decreased its Bitcoin holdings from 25,000 BTC in 2022 to its current amount, suggesting a strategic maneuvering within its cryptocurrency assets.

Source 🔗