SpaceX moved 1 308 Bitcoins, valued at approximately $153 million, as its first activity on the blockchain in over three years. This movement was reported by Arkham Intelligence is a tracking system that tracks all wallets associated with a company.
Bitcoin) (BTC) was withdrawn from 16 Pay-to-Public-Key-Hash (P2PKH) addresses and consolidated into a single SegWit-compatible Pay-to-Witness-Public-Key-Hash (P2WPKH) address, where it remained at time of publication. It could be easier and cheaper to use the BTC that was moved from 16 different addresses to one.
The reason behind the move is not clear, but the nature of it suggests that the asset transfer was a proactive action rather than an impulsive one.
SpaceX, a private company in the aerospace industry founded by Elon Musk back in 2002. The company was founded in 2002. disclosed its BTC holdings In July 2021 along with Tesla. Musk bought the crypto as part of a broader strategy he had to diversify assets for his companies and encourage adoption.
Musk or SpaceX has not yet commented on the matter.
Pentagon looks to SpaceX alternative as contract tensions rise
SpaceX consolidates its Bitcoin holdings amid increasing political uncertainties.
Early in June, Donald Trump’s administration threatened to cancel or review about $22 billion of SpaceX contracts. contracts During a dispute between Trump and Musk over X. Although most of these contracts were considered “too critical to US interests to eliminate,” The episode was a sign of growing tensions in politics and raised concerns about SpaceX’s relationship with the US Government.
The Pentagon has announced today that it will diversify the partners of the Golden Dome system for missile defense. This $175 billion initiative is aimed at building a network of space-based satellites capable to track and detect incoming threats.
The Reporter ReutersConcerns about “over-reliance on SpaceX” SpaceX’s failure to deliver the Golden Dome has prompted the Trump Administration to invite other bidders, so that it is not solely dependent upon SpaceX.
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You can now buy stablecoin rails and memecoins.
Elon Musk has had a complicated relationship with cryptocurrency since the 2021 Bitcoin Bull Run. Elon Musk’s early tweets about Dogecoin sent it soaring. But then, by the end of 2018, it crashed. 30% following his appearance on the TV sketch comedy show “Saturday Night Live.”
In the same year Tesla Transparently accepted BTC payment for a brief period of time. It was reversed soon after due to concerns over the environment. concernsThe company sold a part of its holdings.
Musk laid the foundation for Tesla after acquiring Twitter 2022, rebranding as X. a broader financial ecosystem. X obtained money-transmitter licenses in the US and revealed its backend code early development of a native crypto wallet. While there have not been any crypto-features launched in public, blockchain integration remains part of the long-term vision.
SpaceX collects Starlink payments using stablecoins, according to venture capitalist Chamath Palahapitiya in a podcast from 2024. marketsUsing the Internet as a banking alternative is a great way to bypass traditional banks. “They don’t want to deal with sending wires… so they swap into stablecoins,” “He said”
SpaceX’s estimated value is currently around hold About 6,977 BTC worth about $815 Million, placing it amongst the top corporate Bitcoin investors.
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Source: cointelegraph.com
