SpaceX, the aerospace company owned by Elon Musk, has transferred $257 million in Bitcoin, marking its second significant transaction in three months and sparking speculation about a potential sale as the company grapples with financial and political challenges.
The transfer occurred on Tuesday, signaling the company’s first movement of Bitcoin since July.
In the transaction, the SpaceX wallet “1MDyM” sent $130 million worth of Bitcoin to the address “bc1qj,” while another wallet, “1AXeF,” transferred $127 million to “bc1qq,” according to data from blockchain analytics platform Nansen.
Neither of the receiving addresses has moved or sold the Bitcoin, and SpaceX has yet to explain the purpose of these transactions.
This transfer is SpaceX’s second in three months, following a $153 million Bitcoin movement in July, which was the company’s first since 2022.
Cointelegraph has reached out to SpaceX for insights regarding the Bitcoin transfer.
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While Elon Musk has praised Bitcoin for its energy-efficient, inflation-resistant economic model, his dealings with the cryptocurrency sector have been complex.
SpaceX first revealed its Bitcoin holdings in July 2021, coinciding with Tesla’s purchase of $1.5 billion in Bitcoin earlier that same year.
In May 2021, Tesla halted Bitcoin payments for vehicle sales, citing environmental concerns, which led to a 6% drop in Bitcoin’s price, plummeting from $54,800 to approximately $51,600.
Although Tesla has largely retained its Bitcoin assets, it has not yet commented on resuming Bitcoin payments, which Musk had previously promised would happen as renewable energy use in mining increases.
According to the aforementioned graphic made by climate tech venture capitalist Daniel Batten and Bitcoin analyst Willy Woo, Bitcoin mining’s sustainable energy usage has reached an all-time high of over 55%.
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Growing Pressure on SpaceX as NASA Opens Moonlander Contract
The scrutiny over SpaceX’s Bitcoin holdings has intensified, coinciding with rising political and financial pressures facing the aerospace company.
On Monday, acting NASA chief Sean Duffy announced that the agency would open the moon lander contract to competitors beyond SpaceX, as the company faces delays in the Starship lunar lander schedule.
“We are competing with China, so we need the best company to let us land on the moon as soon as possible. SpaceX has secured a contract for HLS, but progress remains slow,” Duffy stated in a CNBC interview on Monday.
In 2021, SpaceX entered a $4.4 billion deal with NASA that included a moon landing deadline set for 2027 using the company’s fully-reusable Starship.
Blue Origin and Lockheed Martin are anticipated to compete against SpaceX for this contract.
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