SpaceX has made a significant Bitcoin transfer that may indicate a strategic review of its investment policy.
SpaceX Bitcoin Movement
SpaceX has moved 1,308 Bitcoin, worth approximately $153 million. This is the company’s first onchain activity in three years. The movement was flagged by Arkham Intelligence, which tracks wallets associated with SpaceX. The Bitcoin was withdrawn from 16 Pay-to-Public-Key-Hash (P2PKH) addresses and consolidated into a single Pay-to-Witness-Public-Key-Hash (P2WPKH) address, where it remains at the time of publication. Using a single address could simplify asset management and potentially reduce costs for future spending.
Political Tensions and Contracts
The decision by SpaceX to consolidate its Bitcoin holdings comes amid increasing political uncertainty. In early June, the administration of US President Donald Trump reportedly threatened to review or cancel about $22 billion in contracts with SpaceX. While most contracts were deemed 'too critical to US interests to eliminate,' this incident highlighted growing political tension and raised concerns about SpaceX's long-term standing with the US government. Meanwhile, the Pentagon announced its decision to diversify its partners for the Golden Dome missile defense system.
Elon Musk's Relationship with Cryptocurrencies
Elon Musk’s relationship with cryptocurrencies has been anything but straightforward. Early tweets endorsing Dogecoin sent its price soaring, but following his appearance on 'Saturday Night Live,' the memecoin crashed by 30%. In 2021, Tesla announced a $1.5 billion Bitcoin purchase but soon reversed the decision over environmental concerns. As of today, SpaceX is estimated to hold approximately 6,977 Bitcoin, worth about $815 million, positioning it among the largest corporate Bitcoin holders.
Thus, recent actions by SpaceX in the cryptocurrency market amid changing political landscapes underscore the growing attention to strategic asset management in times of volatility.
