Elon Musk’s aerospace firm, SpaceX, executed a transfer of $257 million in Bitcoin, marking its second significant transaction in three months. This action has been interpreted as an indication of potential sales amid increasing financial challenges and competition.
The Bitcoin was moved on Tuesday, indicating the first transfer activity since July. The SpaceX wallet “1MDyM” sent $130 million worth of Bitcoin to the address “bc1qj,” while another wallet labeled “1AXeF” sent $127 million to address “bc1qq,” as reported by the blockchain analytics service Nansen.
No movements or sales have taken place from the receiving addresses, and SpaceX has not provided comments regarding the transactions.
SpaceX Wallet Transfer
SpaceX wallet “1MDyM,” transfers. Source: Nansen.ai
This transaction is notable as it follows SpaceX’s prior transfer of $153 million in Bitcoin back in July 2022. Cointelegraph has reached out to SpaceX for clarification on the motivations behind this Bitcoin move.
Elon Musk, while advocating for Bitcoin’s energy-efficient model, has maintained a complex rapport with the cryptocurrency sector. In July 2021, SpaceX first identified its BTC holdings, alongside Tesla, which had previously acquired $1.5 billion in Bitcoin.
In May 2021, Tesla caused a significant drop in Bitcoin’s price by suspending its payment option due to sustainability concerns.
Bitcoin Mining
Source: Woocharts/Cointelegraph
Bitcoin mining’s sustainable energy utilization has surpassed 55%, a record-high reflecting the positive steps taken towards greener energy usage.
SpaceX Faces Increased Competition
As NASA announces broader bidding opportunities for the moon lander contract, SpaceX finds itself under heightened scrutiny. NASA’s acting chief, Sean Duffy, expressed the need for the best partner to facilitate lunar landings swiftly, citing progress delays with SpaceX’s Starship lunar lander.
SpaceX has a $4.4 billion contract with NASA established in 2021, which includes a target for the moon landing by 2027.
Rival companies like Blue Origin and Lockheed Martin are also preparing to submit bids for the same contract, highlighting the competitive landscape that SpaceX is navigating.
