rewrite this title and make it good for SEOElon Musk’s SpaceX Moves Bitcoin For The First Time In 3 Years: Is A Sell-Off Incoming?

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SpaceX has reportedly moved parts of its Bitcoin holdings after a long period of dormancy.

Cryptocurrency intelligence platform Arkham said Tuesday on X that a wallet linked to the Elon Musk-led space exploration and technology company had moved about 1,300 BTC worth over $153 million, marking the first time the wallet has been touched since June 2022.

“SPACEX JUST MOVED BITCOIN FOR THE FIRST TIME IN 3 YEARS,” Arkham wrote. “They sent 1.3K BTC ($153M) to a fresh address this morning.”

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The report has raised questions about the purpose of the transfer, with moves like this typically indicative of a wallet custody adjustment or an impending sell-off.

SpaceX did not immediately respond to a Benzinga request for comment.

According to Arkham data, the SpaceX-linked wallet still holds nearly 7,000 BTC worth over $830 million. Meanwhile, at last look, the transferred 1,300 BTC has not moved from the recipient address.

The recent asset movement comes as SpaceX’s lucrative government contracts have reportedly come under scrutiny from the Trump administration following Musk’s row with President Donald Trump. Meanwhile, amid this uncertainty, the firm is seeking to raise over $1 billion to secure a $400 billion valuation.

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Musk first disclosed that SpaceX had added Bitcoin to its balance sheet in July 2021, without revealing how much the firm had invested in the asset. But reporting from blockchain sleuths suggests that the firm purchased nearly 26,000 BTC for about $860 million in 2021 at an average price of $33,000 per coin.

Sometime down the line, however, the reporting suggests that the firm reduced its holdings to just over 8,000 BTC. This aligns with Wall Street Journal findings in August 2023, indicating that the firm had sold the asset.

Similarly, Tesla purchased over 43,000 BTC worth $1.5 billion in February 2021, according to Securities and Exchange Commission filings. The firm cited a need “for more flexibility to diversify and maximize returns” on its cash as the reason for its decision. Like SpaceX, Tesla has also significantly reduced its Bitcoin holdings to just over 11,500 BTC, worth $1.4 billion at last look.