A wallet associated with space technology company SpaceX transferred over $150 million in Bitcoin (CRYPTO: BTC) Tuesday, marking its first on-chain activity in over three years.
What Happened: On-chain analytics platform Arkham detected a transaction of 1,308 BTC, worth $154.40 million, from a wallet tied to the Elon Musk-led firm to a previously inactive wallet. This is the first outbound transfer recorded from this wallet since June 10, 2022.
The recipient wallet remains unidentified, with no activity observed since the transfer. In 2022, the same wallet transferred 3,505 BTC, valued at $102 million, to Coinbase.
See Also: Jamie Dimon Once Called Bitcoin A ‘Fraud’--Now JPMorgan Might Lend Against It
It was unclear whether the movement signaled an impending sale, internal reallocation or ownership changes. SpaceX didn’t immediately return Benzinga’s request for comment.
According to Arkham’s data, SpaceX still has 6,977 BTC, worth $836 million at current prices, making it one of the largest privately held corporate Bitcoin holders.
behind companies like Strategy (MSTR) and Tesla Inc. (NASDAQ:TSLA), also owned by Musk.
Why It Matters: Musk-led companies have invested in Bitcoin, including Tesla Inc. (NASDAQ:TSLA), which holds 11,509 BTC, worth $1.38 billion. In fact, Tesla is placed among the top 10 corporate holders of the apex cryptocurrency, according to Bitcoin Treasuries.
Earlier this month, he said that his new political venture, the ‘America Party’, would embrace Bitcoin, calling fiat currency ‘hopeless’.
Price Action: At the time of writing, BTC was exchanging hands at $119.576.17, up 2.05% in the last 24 hours, according to data from Benzinga Pro.
The TSLA stock ranked high on the Growth score as of this writing. To check how it compares to Strategy Inc. (NASDAQ:MSTR), the largest Bitcoin corporate holder, check out Benzinga Edge Stock Rankings.
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