After more than three years of inactivity in the crypto market, SpaceX broke the silence with a monster move on July 22.
According to blockchain analytics platform Arkham Intelligence, a wallet owned by Elon Musk’s company moved 1,308 Bitcoin (BTC), worth around $153 million, from Coinbase to a fresh address.
The motivation behind the transfer is still unclear, and no further moves have been spotted, although it is clear there was no change in SpaceX’s net holdings.
As reported by Arkham, the aerospace giant still holds 6,977 BTC, valued at approximately $815 million.
What are Elon Musk’s Bitcoin plans?
With the receiving address still inactive, it appears the move could merely indicate a routine wallet reshuffle.
However, given Musk’s influence on the market, some speculate the transfer might result in major price movements.
The speculations are justified as the transaction makes it clear that SpaceX held a significant Bitcoin position for quite some time, choosing not to liquidate despite market volatility. This, in turn, implies the company might be pursuing a long-term investment strategy, treating BTC as a strategic reserve asset.
The timing of the transfer is also significant, as institutional interest in the “digital gold” as a hedge has never been higher, driven by pro-crypto policy shifts.
Moreover, Elon Musk recently announced the formation of a new political party, the “America Party,” aiming to disrupt the U.S. two-party system.
Musk, who previously maintained a close relationship with President Trump, said in a post on X that the party would support Bitcoin as “fiat is pointless.”
This statement now seems to have gained a whole dimension in light of the data provided by Arkham.
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