Elon Musk’s SpaceX shakes up the Bitcoin market with a $133 million transfer

0 0 1 minute read

Elon Musk’s SpaceX shakes up the Bitcoin market with a 3 million transfer

SpaceXthe space exploration company led by Elon Muskreportedly transferred more than $133 million Bitcoin (CRYPTO: BTC), which caused a stir in the cryptocurrency market.

Blockchain analytics firm Arkham Intelligence announced that SpaceX moved a total of 1,215 Bitcoin to different addresses. This transfer took place just days after the company moved a similar quantity to addresses under its control.

On Friday, the company announced via

ARKHAM ALERT: SPACEX MOVES $130M $BTC

SPACEX JUST moved funds totaling $133.7 million. THEY TRANSFERRED 300 BTC ($33M) AND 915 BTC ($100.7M) TO NEW WALLETS

THIS COMES 3 DAYS AFTER THEIR LAST MOVE OF 100 BTC pic.twitter.com/YplK8QAdvn

Notably, unlike SpaceX’s previous transfers, the new wallets are not currently identified as belonging to the Hawthorne, California-based company.

Also Read: Dogecoin Whales Collect Nearly 1 Billion DOGE in Two Days After Elon Musk’s Crypto Prediction

Before these transfers, SpaceX owned 8,285 BTC, worth approximately $914 million, placing it fourth on the list of private companies with Bitcoin treasuries, according to data from BitcoinTreasuries.net.

In the meantime, Tesla Inc. also has a significant Bitcoin portfolio, with 11,509 BTC, worth over $1.27 billion.

SpaceX’s massive Bitcoin transfer is significant as it could potentially impact the Bitcoin market. The company’s previous Bitcoin holdings put it among the top private companies with Bitcoin treasuries.

Any changes in such a large portfolio can cause market fluctuations. Additionally, the transfer raises questions about SpaceX’s future plans for its Bitcoin holdings. The company’s silence on the matter has led to speculation about possible sales or investments.

This move also highlights the growing trend of major companies investing in Bitcoin, with Tesla Inc. also maintains a substantial Bitcoin portfolio.