The price of Bitcoin has remained relatively stable this week, although investor sentiment is still cautious. Yet despite the market calm, SpaceX attracted attention with a large Bitcoin transfer that sparked speculation about what it could mean for the company. The aerospace company, led by Elon Musk, has reportedly moved more than $260 million in Bitcoin at a time when it faces financial and political challenges.
In brief
- Lookonchain data shows that SpaceX transferred 2,495 BTC after three months of inactivity, bringing its total holdings to approximately 5,790 BTC.
- It's the company's first known Bitcoin move since July, when it moved around $153 million, continuing its pattern of infrequent but large transactions.
First Bitcoin wallet activity since July
Blockchain and analytics firm Lookonchain reported on X that SpaceX transferred 2,495 BTC, worth approximately $268.47 million, after three months of inactivity. With this move, the company's Bitcoin holdings would now be 5,790 BTC, valued at approximately $624.63 million.
This is the first known activity in SpaceX's portfolio since July. That month, the company had moved around $153 million in BTC, which was its first transaction since 2022. The latest transfer continues a pattern of long pauses followed by large moves, raising questions about the company's intentions towards its digital assets.
Musk's complicated history with Bitcoin
Elon Musk has often spoken favorably of the structure of Bitcoin, emphasizing its energy nature and ability to resist inflation. However, his relationship with the world of cryptocurrencies has not been easy. SpaceX first revealed its Bitcoin holdings in July 2021, just months after Tesla—another Musk-led company—made a $1.5 billion Bitcoin purchase.
Tesla has retained most of its holdings in Bitcoin and has not resumed accepting the cryptocurrency for vehicle purchases. Musk had hinted that payments could resume if renewable energy becomes more widely used, but no further updates were provided. Separately, in May 2021, Tesla temporarily suspended Bitcoin payments for environmental reasons, a decision that provoked a rapid market reaction and caused the price of Bitcoin to fall by around 6% in an hour.
Data from BitcoinTreasuries shows that Tesla currently holds 11,509 BTCestimated at $1.26 billion. The company's average purchase cost is around $33,539 per coin, which means its position has a gain of around 227.6%. Despite this significant on-paper profit, Tesla's approach to its Bitcoin investment has remained largely unchanged.
SpaceX under surveillance
Separately, SpaceX's recent Bitcoin transfer has attracted attention due to continued operational and government pressures. Some of this government attention comes from the National Aeronautics and Space Administration (NASA). Sean Duffy, acting director of NASA, said that the United States compete with China to achieve a successful lunar landing and noted that although SpaceX holds the contract for the lunar module, progress on the Starship program has been slow.
In 2021, SpaceX reached a $4.4 billion deal with NASA, which includes a goal of carrying out a lunar mission by 2027.
Signs of stabilization in the Bitcoin market
While SpaceX's Bitcoin transfer has attracted attention, the Bitcoin market as a whole has shown signs of stabilization. According to Glassnode, open interest decreased by around 30%reducing the level of leveraged positions among traders.
At the same time, funding rates have moved closer to neutral, decreasing the likelihood of another large-scale selloff. These changes suggest a calmer trading environment compared to previous periods of high volatility.
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