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

SpaceX, Elon Musk's aerospace company, recently conducted another Bitcoin transfer, moving 281 BTC (about $31 million) from Coinbase Prime custody to a new wallet. The reasons behind this flurry of activity remain unclear, as the company has not publicly commented on its actions. With $894 million worth of Bitcoin, SpaceX holds approximately 8,285 BTC, making it the fourth largest corporate holder of Bitcoin. The company previously had a larger stake, holding 25,000 BTC in 2022 but reduced its holdings significantly by mid-2023. The current transfer indicates that SpaceX may be restructuring its storage or preparing for a potential sale. This activity follows a period of inactivity concerning its Bitcoin treasury over the past three years, marking a notable change in their approach to cryptocurrency management.

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