- SpaceX recently moved $268 million in Bitcoin holdings, but its onchain tracks suggest no sign of possible sell-offs.
- The transfers involving 2,495 BTC were likely a security measure or due to a change in custodian.
- SpaceX maintains a total of 8,285 BTC, while Tesla holds 11,776 BTC.
American aerospace company SpaceX recently caused quite a stir in the cryptocurrency community. The company, founded and currently led by American billionaire entrepreneur Elon Musk as its CEO, moved $268 million worth of Bitcoin (BTC), marking its first significant transfers in around three months.
SpaceX is Not Selling Its Bitcoin Holdings
Analysts immediately dispelled crypto investors’ initial fears of SpaceX’s possible sell-off of its Bitcoin holdings. This is to avoid shaking the foundation of the market’s already fragile state following massive corrections in the past two weekends amid the macro uncertainty caused by the ongoing US-China trade tension.
Market observers, citing data from onchain monitoring platforms, assured them that SpaceX’s move was likely an internal reshuffle. The two transactions simply headed to two wallet addresses with no record of outflows. Hence, the activity may only be a security-driven protocol upgrade or change in custodian. After all, recent posts from Musk about Bitcoin have mostly been bullish, which further reduces the probability of a sale.
Although Musk avoided mentioning price predictions, the crypto community mostly sees his stamp of approval on the asset as a bullish outlook. Last week, he replied to the pseudonymous zerohedge’s post on X, saying, “Bitcoin is based on energy: you can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy.”
The transactions totaling 2,495 BTC are only a portion, or roughly 30%, of SpaceX’s Bitcoin holdings. BitcoinTreasuries.Net estimates that the private company still maintains 8,285 BTC in its coffers, worth nearly $900 million at Tuesday’s prevailing BTC to USD rates. The same wallet where the recent transfers originated still possesses 5,790 BTC worth around $625 million.
Neither SpaceX nor Musk has addressed the matter as of writing.
Tesla’s Bitcoin Remains Dormant
Amid the SpaceX buzz, another Musk co-founded company, Tesla, remains one of the top public companies holding Bitcoin. The American EV maker maintains 11,509 BTC worth approximately $1.24 billion.
Tesla currently ranks 11th among the top public Bitcoin treasury companies based on BitcoinTreasuries.Net’s data. It sits next to Coinbase’s 11,776 BTC portfolio in the mentioned listing.
