Elon Musk’s aerospace company SpaceX transferred $105.4 million worth of Bitcoin on Wednesday. The transfer came as Bitcoin and other major tokens rebounded after last week’s flush. BTC has surged back above the $91,000 level with fresh buying interest emerging after a week of devastating losses.
SpaceX Transfers Over 1,000 BTC
The SpaceX-labelled wallet transferred 1,163 Bitcoin to two new wallet addresses, with 399 BTC being sent to address “bc1qh…galzy”, while the remaining 764 BTC was transferred to “bc1q4…u54ez,” according to data from blockchain intelligence platform Arkham. This is the company’s first wallet movements since Oct. 29, when it shifted 281 BTC to a new wallet.
The two receiving addresses haven’t moved or dumped the Bitcoin, nor has SpaceX commented on the motive behind the transactions.
Per Arkham, SpaceX still holds 6,095 BTC, valued at about $557.08 million as of today. Bitcoin is trading at $91,576 as of publication time, up 4.4% on the day, according to CoinGecko. The broader crypto market cap rose 4.2% to $3.2 trillion, recouping some of the losses from last week’s correction. Still, the world’s largest and oldest crypto is down 20% over the past month and 27.4% from its October record high of $126,080.
While Elon Musk has recently touted Bitcoin as being a better asset than fiat currency, the centibillionaire’s relationship with the alpha crypto industry has been complicated.
Musk’s SpaceX first disclosed its BTC holdings in July 2021, alongside electric vehicle maker Tesla, which bought $1.5 billion worth of BTC earlier that year. In May 2021, Tesla abruptly discontinued Bitcoin payments for vehicle purchases, citing environmental concerns, which triggered a significant decline in the Bitcoin price. Tesla currently holds 11,509 BTC after liquidating a bulk of its Bitcoin holdings in 2022.
SpaceX also slashed its Bitcoin holdings by around 70% after likely being spooked by the market-wide breakdown triggered by the Terra-LUNA implosion and the fall of Sam Bankman-Fried’s FTX empire.
Neither SpaceX nor Tesla has purchased more Bitcoin since.
Source: https://zycrypto.com/elon-musks-spacex-moves-105-million-in-bitcoin-to-new-wallets-as-btc-retakes-91000/
