TLDR
- SpaceX moved $257 million in Bitcoin on Tuesday through two company wallets, marking its second large transfer in three months
- The receiving addresses have not sold or moved the Bitcoin, and SpaceX has not explained the transfers
- This follows a $153 million Bitcoin transfer by SpaceX in July, its first movement since 2022
- NASA announced it will open the moon lander contract to other competitors beyond SpaceX due to delays in the Starship program
- SpaceX holds a $4.4 billion contract with NASA that includes a 2027 moon landing deadline
SpaceX moved $257 million worth of Bitcoin on Tuesday in its second major crypto transfer since July. The aerospace company used two wallets to complete the transactions.
One SpaceX wallet transferred $130 million in Bitcoin to a new address. A second wallet sent $127 million to another address. Blockchain intelligence platform Nansen tracked both movements.
The receiving addresses have not transferred or sold the Bitcoin. SpaceX has not commented on the reason for the transactions. The company did not respond to requests for comment.
This marks SpaceX’s second Bitcoin movement in three months. In July, the company transferred $153 million in Bitcoin. That was its first fund movement since 2022.
SpaceX first revealed its Bitcoin holdings in July 2021. Tesla, also owned by Elon Musk, purchased $1.5 billion worth of Bitcoin earlier that same year.
Tesla suspended Bitcoin payments for vehicle purchases in May 2021. The company cited environmental concerns about Bitcoin mining. The announcement caused Bitcoin’s price to drop 6% in one hour, falling from $54,800 to $51,600.
Tesla still holds most of its Bitcoin. The company has not reinstated Bitcoin payments. Musk previously said Tesla would resume crypto payments once Bitcoin mining used more renewable energy.
Bitcoin mining now uses sustainable energy at record levels. Data shows over 55% of Bitcoin mining energy comes from renewable sources.
SpaceX Faces New Competition
NASA announced plans to open its moon lander contract to additional competitors. The decision comes as SpaceX faces delays in its Starship lunar lander program.
NASA acting chief Sean Duffy made the announcement on Monday. He said NASA needs the best company to complete a moon landing quickly. The agency is competing with China’s space program.
SpaceX signed a $4.4 billion contract with NASA in 2021. The agreement includes a deadline to land on the moon by 2027. The mission will use SpaceX’s Starship vehicle.
Blue Origin and Lockheed Martin plan to bid for the contract. These companies are SpaceX’s main competitors in the aerospace industry.
Bitcoin Holdings Under Scrutiny
The Bitcoin transfers come at a time of increased pressure on SpaceX. The company faces both political and financial challenges related to its NASA contracts.
Musk has recently promoted Bitcoin’s economic model. He describes it as energy-based and inflation-proof. His relationship with cryptocurrency has been complex over the years.
The recent wallet movements have sparked speculation about a potential sale. Some analysts wonder if SpaceX needs to liquidate assets. Others suggest the company may be restructuring its holdings.
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