- For the first time in over three years, SpaceX has moved 1,308 BTC (worth approximately US$150M) from legacy addresses to a new SegWit-compatible address.
- This transaction marks SpaceX’s first on-chain activity since June 2022, when it transferred its last batch of Bitcoin to Coinbase.
- The timing of the Bitcoin transfer comes following the recent political clashes between Elon Musk and the Trump administration, including threats to review or cancel SpaceX’s federal contracts and the Pentagon’s decision to diversify providers for its missile defense system.
SpaceX has moved part of its Bitcoin reserves for the first time in over three years, marking a rare on-chain maneuver by Elon Musk’s aerospace firm.
Blockchain data from Arkham Intelligence shows that on Tuesday, a wallet attributed to SpaceX (address “15oKQ…7Jf1G”) transferred 1.308 BTC, worth approximately US$150M (AU$228M), to a fresh address labeled “bc1q8…hartf.” The transaction is the first linked to SpaceX since June 10, 2022, when the company sent its final batch of roughly 1.200 BTC to Coinbase.
Over a three-week stretch in 2022, SpaceX offloaded 17.314 BTC to the exchange. Arkham now estimates SpaceX’s bitcoin holdings at 6.977 BTC, currently valued at US$825M (AU$1.2B). Tesla, also controlled by Musk, holds a separate 11.509 BTC stash, or about US$1.36B (AU$2.07B) at today’s prices.
Related: Bitcoin ETFs Reach 7% in Total Holdings amid 12-day Inflow Streak
An Interesting Timing
It’s not really crazy to link the timing of the transfer to the mounting political friction between Musk and the Trump administration, which has threatened scrutiny over SpaceX’s federal contracts.
That happened in early June, when reports surfaced that Trump officials considered reviewing or canceling as much as US$22B (AU$33.5B) in SpaceX government contracts.
One can only speculate, but adding to that tension is the Pentagon, which announced today it will diversify providers for its US$175B (AU$266B) Golden Dome missile defense system. The satellite-powered program had previously leaned heavily on SpaceX, but concerns over “over-reliance” have prompted a shift to open bids to competing firms.
Musk, meanwhile, recently announced the formation of the “America Party”, a third-party political movement that, according to him at least, will back Bitcoin. Once a Trump ally, Musk has publicly distanced himself from the former president following their fallout.
Related: UK’s Reeves Proposes £5 Billion Bitcoin Divestment to Address Budget Shortfall
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