Elon Musk's SpaceX Shakes Up Bitcoin Market With $133 Million Transfer

SpaceX, the space exploration company led by Elon Musk, has reportedly transferred over $133 million in Bitcoin (CRYPTO: BTC), causing a stir in the cryptocurrency market.

The blockchain analytics firm Arkham Intelligence disclosed that SpaceX moved a total of 1,215 Bitcoin to various addresses. This transfer occurred merely days after the company relocated a similar quantity to addresses under its control.

On Friday, the firm announced via X, “SpaceX just moved funds totalling $133.7 million. They transferred 300 BTC ($33M) and 915 BTC ($100.7M) to new wallets.”

ARKHAM ALERT: SPACEX MOVING $130M $BTC
SPACEX JUST MOVED FUNDS TOTALLING $133.7M. THEY TRANSFERRED 300 BTC ($33M) AND 915 BTC ($100.7M) TO NEW WALLETS
THIS COMES 3 DAYS AFTER THEIR LAST MOVE OF 100 BTC pic.twitter.com/YplK8QAdvn

Notably, unlike SpaceX’s previous transfers, the new wallets are not currently identified as belonging to the Hawthorne, California-based company.

Also Read: Dogecoin Whales Accumulate Nearly 1 Billion DOGE in Two Days After Elon Musk’s Crypto Forecast

Before these transfers, SpaceX held 8,285 BTC, valued at roughly $914 million, ranking it fourth on the list of privately held companies with Bitcoin treasuries, as per data from BitcoinTreasuries.net.

Meanwhile, Tesla Inc. also holds a substantial Bitcoin portfolio, with 11,509 BTC, valued at over $1.27 billion.

SpaceX’s massive Bitcoin transfer is significant as it could potentially impact the Bitcoin market. The company’s previous Bitcoin holdings placed it among the top private companies with Bitcoin treasuries.

Any changes in such a large portfolio could cause market fluctuations. Furthermore, the transfer raises questions about SpaceX’s future plans for its Bitcoin holdings. The company’s silence on the matter has led to speculation about potential sales or investments.

This move also highlights the growing trend of major corporations investing in Bitcoin, with Tesla Inc. also maintaining a substantial Bitcoin portfolio.