In a notable move for the institutional crypto landscape, Elon Musk aerospace venture, SpaceX, has transferred over $153 million worth of Bitcoin, marking its first significant transaction in three years. This shift, observed on July 22, has drawn attention from market participants, signaling a potential recalibration of corporate digital asset management strategies rather than a sale.
The transaction involved 1.308,45 BTC, valued at over $152,85 million at the time of the move. According to data from Arkham Intelligence, the Bitcoin was moved to a new address, with a remarkably low transaction fee of just $29, underscoring Bitcoin’s efficiency for large-scale value transfers. Preceding this substantial transfer, a small test transaction of 0,000248 BTC was sent to Coinbase Prime, a common practice to verify connectivity and ensure the main transfer’s success.
Blockchain records indicate that SpaceX initially amassed its Bitcoin holdings through significant inflows from Coinbase wallets between 2020 and 2021, with individual deposits ranging from 1.100 to 1.279 BTC. At the apex of the 2021 bull run, these holdings soared to a peak valuation exceeding $1,6 billion, though today, that same stash is estimated at around $818,3 million.
Cold Storage Optimization or Strategic Reorganization?
Arkham’s portfolio tracking now shows SpaceX holding a total of 6.977 BTC, all under the custody of Coinbase Prime. The newly transferred funds remain untouched in the receiving wallet, suggesting this move is likely an internal security upgrade or a reshuffling of cold storage arrangements. This interpretation aligns with a broader trend among large institutions to enhance their crypto security practices. Unlike a divestment, such a maneuver points to a long-term commitment to holding digital assets while optimizing their safe-keeping.
SpaceX first publicly acknowledged its Bitcoin holdings in 2021, around the same period Tesla acquired $1,5 billion in BTC. However, SpaceX has maintained a more private stance regarding the specifics of its crypto portfolio, differing from Tesla, which later sold 75% of its Bitcoin in 2022, realizing $936 million in proceeds.
Institutional Accumulation Amidst Market Cool-down
SpaceX’s strategic reorganization comes amidst a discernible shift in the overall Bitcoin market. On-chain data reported by analyst Avocado from CryptoQuant indicates a steady decline in the Unspent Transaction Output (UTXO) count since December 2024. This trend suggests that a growing volume of Bitcoin is being moved into long-term custody solutions, reducing the supply readily available for active trading.
Coinciding with these institutional movements, Bitcoin’s price has experienced a minor cool-down, dipping by 3% over the past week and now trading below $119.000. This period of price consolidation, coupled with increased institutional activity around secure storage, implies that both retail and institutional market participants are adjusting their exposure and long-term holding strategies in a maturing digital asset landscape. SpaceX’s recent action underscores the evolving sophisticated approaches major entities are adopting for their crypto treasuries.
