Elon Musk’s aerospace company SpaceX has made a big move in its Bitcoin (BTC) holdings, making the largest transfer in the past three months.
company Approximately 2,495 BTC worth approximately $268 million was mobilizeds, to a new address linked to the Coinbase Prime custody platform.
BTC was split into two major transactions, leaving a financial address associated with SpaceX. The first transaction sent 1,197 BTC to address bc1qq7872pzsm755xan80qxdfy37vn5y4vc4t4sduw, and the second transaction sent 1,298 BTC to address. bc1qj7enhu6dvgsef02xpufkt3rp66r9tfpem6kqef as shown in the following image.
This action ends a three-month period of inactivity in the company’s digital asset holdings. According to on-chain analytics firm Arkham Intelligence, SpaceX maintains a total of 5,790 BTC in its corporate treasury.
As of the writing of this note, no further shipments have been made to the new receiving address. This data suggests that this move likely corresponds to an internal reorganization of the management of SpaceX assets.
This kind of move toward custody services like Coinbase Prime is typically a treasury management operation rather than an immediate sale. If these digital assets begin to flow from custodians for active sale, concerns arise regarding the impact on the market. In the open market.
In this context, analyst Shanaka Anslem Perera, concerned about the possibility of a large-scale sell-off, pointed out that a signal denying this hypothesis would be given a date with important criteria, such as more than 10% of these coins arriving directly at exchanges for sale.
Let’s not forget that, as CriptoNoticias reported in mid-2022, Musk’s other company, electric car maker Tesla, reduced its Bitcoin holdings by about 70% amid market volatility due to the collapse of Terra-Luna and the subsequent bankruptcy of the FTX exchange. However, SpaceX’s recent actions appear to be part of optimizing the management of its digital assets.
