SpaceX Transfers $150M in Bitcoin After Three-Year Hiatus Amid Rising Crypto Momentum

In a move that has surprised everyone, Elon Musk’s aerospace company, SpaceX, transferred $150 million worth of Bitcoin (BTC) on Tuesday. This is the first crypto-related transaction that the company has made in over three years. The activity was caught by a blockchain analytics platform called Arkham Intelligence. It reported the transfer of 1,308 Bitcoin from the SpaceX-linked address “15oKQ…7Jf1G” to a newly identified wallet, “bc1q8…hartf.”

SpaceX Transfers 1,308 Bitcoin

The transaction breaks a long dormancy since the company last moved Bitcoin on June 10, 2022. Between May 25 and June 10 of that year, SpaceX sent the Coinbase exchange a total of more than 17,000 BTC. It's not apparent why SpaceX made the latest shift, as the company hasn't made an official announcement or answered The Block's questions about why it did it.

According to Arkham’s latest data, SpaceX still holds approximately 6,977 BTC, valued at roughly $825 million at current prices. Meanwhile, Musk’s electric vehicle company Tesla holds an even larger crypto reserve, 11,509 BTC, worth about $1.36 billion.

Combined, Musk’s companies possess more than $2 billion in Bitcoin, acquired at an average purchase price of around $32,000 per coin. “Combined, Elon’s companies are up almost $1.5 BILLION on Bitcoin,” Arkham stated last month on the social media platform X.

The timing of the transaction is notable, aligning with a broader wave of pro-crypto momentum in the United States. The shift has been driven by President Donald Trump’s vocal support for digital assets and the passage of several crypto-friendly policies. These changes have led to a lot of institutions adopting Bitcoin, with many traditional finance companies building up their Bitcoin holdings or starting new crypto businesses.

Musk just started the "America Party," a new political party that aims to shake up the current two-party system in the U.S. This adds to the suspense. He said that the party would support Bitcoin, which shows how long he has been interested in digital currencies.

We don't know what SpaceX really wanted to do with the Bitcoin transfer, but it shows that Musk is still interested in cryptocurrencies and suggests that more companies might be looking into crypto strategies as the market grows.