SpaceX just shuffled $105 million in Bitcoin over to Coinbase Prime. Yeah, just another day in the life of corporate crypto power plays. The transfer split into two newbie wallets with an institutional twinkle. Some say SpaceX is beefing up for future projects, like rocket dreams. Their funding whims keep Bitcoin fans on edge, eyes glued to those digital breadcrumbs. So, curious about SpaceX’s next chess move? Stick around, it’s bound to be a wild ride.
When SpaceX decides to move Bitcoin, people notice. This time they shifted 1,163 BTC, worth about $105.23 million. Or was it $105.4 million? Tomato, tomahto. Either way, that’s a truckload of digital cash. Executed with standard network fees, the transaction took place during recent trading sessions, catching the eye of crypto enthusiasts and market watchers alike.
The destination? Coinbase Prime. Fancy. The funds were split between two new unlabeled wallets — 399 BTC to one, 764 BTC to the other. These addresses, bc1qh…galzy and bc1q4…u54ez, are new custody addresses. They’re not tagged as exchanges, suggesting an institutional-grade custody strategy. A bit mysterious, isn’t it?
SpaceX’s current Bitcoin stash amounts to 6,095 BTC, valued at a cool $553 million. Or maybe $552.9 million. Close enough. They started accumulating back in 2021, spilling the beans to the public then. Their stash used to be 3,991 BTC, valued at $367 million. Clearly, they’ve been busy. And they’re not shy about maintaining notable Bitcoin treasury exposure. Analysts speculate that the transfer may be aimed at raising capital for ongoing projects like rocket development, with transfers to exchanges often indicating plans to sell for liquidity. Amidst this bustling activity, it’s worth noting that this move comes amid growing institutional interest in cryptocurrencies.
SpaceX hoards 6,095 BTC, worth $553 million, showcasing their bold Bitcoin appetite since 2021.
Thanks to on-chain data from blockchain services, the transaction was confirmed, and wallets were tracked by Onchain Lens, Arkham Intelligence, and Lookonchain. These sleuths flagged recent patterns, linking wallet addresses via transaction patterns. It’s like watching a game of digital chess.
SpaceX has a history of making hefty Bitcoin moves. The latest transfer is just another in a series, with a previous transaction of 1,021 BTC to Coinbase Prime. This October transfer is the biggest since those days.
And on October 29, 281 BTC casually slipped into a new address. Frequent moves to custodians have become a post-July 24 norm.
