SpaceX, Elon Musk's space exploration company, has stirred the Crypto community following the transfer of its Bitcoin holdings for the first time in three years . The company sent 1,300 BTC ($153 million) to a fresh address . This move has raised questions about whether the company intends to offload its coins or simply cycle custody wallets .
According to Arkham Intelligence, the last time SpaceX moved Bitcoin was in June 2022, when 3,505 BTC were transferred to Coinbase . There is a possibility that Elon Musk's SpaceX would have likely moved this $153 million to Coinbase again, rather than to a new address, if it intended to offload these coins . Arkham data shows that the coins in the fresh address remain untouched following the transfer .
Even after the recent transfer, SpaceX still holds 6,977 BTC . This places SpaceX among the world's largest corporate Bitcoin holders . Tesla, Musk's other venture, holds even more, with over $1 billion in BTC .
SpaceX first disclosed its Bitcoin holdings in 2021 . The purchase was part of Musk's strategy to diversify corporate assets and support digital currency adoption .
The Bitcoin movement comes amid increasing political pressure on the aerospace company and its government contracts . The Pentagon announced plans to diversify its partners for the Golden Dome missile defense system, worth $175 billion . The Bitcoin movement represents a strategic consolidation rather than a sale . All funds remain in SpaceX's control at the new address .
Earlier this month, Musk confirmed that his America Party will embrace Bitcoin, as fiat is hopeless .