Elon Musk’s SpaceX Just Moved More of Its $894 Million in Bitcoin Holdings

Core Viewpoint - SpaceX has made significant Bitcoin transfers recently, indicating potential changes in its storage strategy or future plans for its Bitcoin holdings [1][2]. Group 1: Recent Bitcoin Transfers - SpaceX transferred 281 Bitcoin (over $31 million) from Coinbase Prime custody to a new wallet, continuing a series of transfers that occurred last week [1][2]. - The company has not made any comments regarding the reasons behind these transfers [2]. Group 2: Bitcoin Holdings - SpaceX currently holds 8,285 BTC, valued at approximately $894 million, making it the fourth largest privately held corporate Bitcoin treasury [3]. - The company previously held 25,000 BTC in 2022 but reduced its position to 8,285 BTC by June of that year [3]. Group 3: Comparison with Tesla - Tesla, another company led by Elon Musk, holds 11,509 BTC worth over $1.24 billion, ranking just outside the top 10 publicly traded companies with Bitcoin treasuries [3]. - Tesla benefited from new accounting rules earlier this year, allowing it to revalue its Bitcoin holdings and book over $600 million in quarterly profits as Bitcoin prices increased [4].