SpaceX executed a significant Bitcoin transfer valued at $153 million, moving 1,308 BTC to a new wallet after three years of inactivity. This transaction marks the first movement from SpaceX’s known Bitcoin address since June 2022.
The company still holds an estimated 6,977 BTC worth approximately $822.65 million in its original cold wallet. Both SpaceX and Tesla utilize Coinbase Prime Custody for holding their substantial Bitcoin reserves, with Tesla’s holdings reported at 11,509 BTC valued around $1.36 billion.
The timing of SpaceX’s BTC transfer coincides with heightened expectations surrounding Tesla’s upcoming Q2 earnings report. Investor confidence appears evident in prior options market activity, with $47 million net in call options purchased on Tesla stock.
Analysts project Tesla’s Q2 results will show a 19.6% year-over-year increase in revenue. The combined effect of SpaceX’s sudden Bitcoin movement and Tesla’s imminent earnings release has significantly increased market anticipation, with analysts predicting intensified volatility in related asset classes.