A Bitcoin wallet linked to space company SpaceX has moved over $150 million worth of Bitcoin for the first time in more than three years, marking its first recorded activity since mid-2022. The recent transaction has drawn attention in cryptocurrency circles, raising questions about the company’s intentions with its significant bitcoin holdings.

According to blockchain analytics platform Arkham, SpaceX transferred 1,308 Bitcoins (BTC) from a wallet identified as controlled by the company to a previously inactive address. The transaction marks the first outbound Bitcoin movement since June 10, 2022, when SpaceX transferred 3,505 BTC, worth approximately $102 million at the time, to Coinbase, a popular cryptocurrency exchange.

SpaceX Awakens Dormant Bitcoin Wallet with $153 Million Transfer

SpaceX’s Bitcoin wallet, which had been untouched since mid-2022, executed a transfer involving 1,308 BTC to a previously inactive address. According to data from Arkham, this transaction represents the first outbound Bitcoin move since June 10, 2022, when SpaceX moved 3,505 BTC valued at approximately $102 million, transferring those coins to Coinbase.

The reasons behind the recent transfer are unclear. It may represent a sale, an internal reallocation of treasury assets, or some other financial strategy. Neither SpaceX nor its CEO, Elon Musk, has commented on the transaction.

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The current recipient wallet remains unidentified and has shown no subsequent activity following the transfer. This has left analysts pondering the nature of the shift—whether it indicates a sale of Bitcoin assets, internal treasury realignment, or other strategic maneuvering within SpaceX.

SpaceX Maintains a Massive Crypto Stake

Arkham data shows that SpaceX still holds 6,977 BTC, valued at around $815 million based on current prices. This makes SpaceX one of the largest known corporate holders of Bitcoin, trailing behind MicroStrategy and Tesla, which are also significant participants in the corporate Bitcoin market.

The reasons behind the recent transfer are unclear. It may represent a sale, an internal reallocation of treasury assets, or some other financial strategy. Neither SpaceX nor its CEO, Elon Musk, has commented on the transaction.

The sudden activation after a three-year pause might suggest a strategic pivot or reorganization in how SpaceX manages its crypto assets. Given Elon Musk’s high profile in tech and crypto spaces, this Bitcoin movement will likely draw further scrutiny and analysis.

Ahead of Tesla Earnings

Wedbush has reaffirmed its Outperform rating and set a $500 price target on Tesla (NASDAQ: TSLA) ahead of the company’s earnings report scheduled for Wednesday. This target suggests substantial upside potential from Tesla's current share price of $328.49, according to InvestingPro data. Despite trading at high valuation multiples, Tesla has delivered strong momentum, returning 30.6% over the past year.

Tesla Stock, Source: TradingView

Wedbush also spotlighted Tesla’s artificial intelligence efforts as a critical area of interest for investors. These include an anticipated shareholder vote later this year on potential investment in Musk’s xAI venture, alongside ongoing developments in Tesla’s Optimus robotics program.

Source: Finance Magnates