In a noteworthy development within the cryptocurrency space, SpaceX has transferred 1,163 Bitcoin (BTC), valued at approximately $105 million, to a new wallet linked to Coinbase Prime. This transfer occurred on November 27, and according to data from blockchain analytics firm Arkham Intelligence, it took place during early trading hours in Asia.
This transaction reduces SpaceX“s on-chain Bitcoin holdings to 6,095 BTC, as the company previously held as much as 25,000 BTC in 2022. The latest move marks a significant shift, following an earlier transfer of 1,215 BTC to various new addresses in October. Analysts suggest that these actions reflect a custody reorganization strategy rather than an indication of a sale or liquidation.
Despite the substantial transfers, there has been no evidence of outgoing transactions or liquidation activities from the receiving wallets, reinforcing the idea that this is a strategic custody adjustment. SpaceX”s wallet had been dormant for approximately three years before resuming activity in late July.
As of now, Tesla, another company led by Elon Musk, holds 11,509 BTC, ranking it 11th among publicly traded firms in terms of Bitcoin holdings, according to BitcoinTreasuries data.
In the broader context, Bitcoin has recently rebounded from a decline, coinciding with an uptick in the cryptocurrency market. This latest move by SpaceX adds another layer of intrigue to the ongoing narrative surrounding institutional adoption and custody of digital assets.
