Bitcoin News
By MikeT
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SpaceX, the space exploration company founded by Elon Musk, has moved 1,308 Bitcoin worth approximately $153 million to a new SegWit address, marking its first on-chain…
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Interestingly, there was no attempt to fragment the unspent transaction outputs (UTXOs) or funnel the funds through mixing services or intermediaries—standard procedures if the…
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This is not the first time SpaceX has moved a significant amount of Bitcoin. The last such transfer occurred on June 10, 2022, when the company sent 3,505 BTC to Coinbase.
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SpaceX’s total holdings have decreased from the 8,285 BTC reported by Arkham in March 2024 to approximately 6,977 BTC currently.
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As Bitcoin hit a new all-time high of $122,800 on July 18 before retreating to $117,000, the timing of SpaceX’s transfer has stirred market chatter.
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The motivation behind the transfer remains unclear. Some believe the move may be linked to Coinbase Prime replacing Xapo as the preferred institutional custodian last year.
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Adding to the intrigue is the fact that SpaceX has never publicly detailed its Bitcoin strategy beyond Elon Musk’s 2021 acknowledgment that the firm held Bitcoin alongside Tesla.
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Despite the speculation, the lack of follow-up activity suggests the transaction is operational rather than directional. The Bitcoin has moved, but not into circulation.
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For now, this episode appears to be a minor, albeit headline-worthy, footnote in SpaceX’s financial history.
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