Photo: finance.yahoo.com
SpaceX Shuffles $31 Million in Bitcoin as Elon Musk Expands Crypto Strategy
SpaceX, led by Elon Musk, moved 281 Bitcoin worth over $31 million from Coinbase custody to a new wallet, indicating a strategic shift in its cryptocurrency approach.
- On Wednesday, SpaceX transferred 281 Bitcoin, valued at over $31 million, from Coinbase custody to a newly created wallet, according to on-chain data from Arkham Intelligence.
- The purpose of this Bitcoin transfer remains uncertain, raising questions about whether SpaceX is altering its storage strategy, preparing for a sale, or considering alternative uses for the cryptocurrency.
- This move continues a recent trend by SpaceX to engage more actively with Bitcoin, reflecting Elon Musks ongoing interest in expanding the companys cryptocurrency portfolio.
Why It Matters
This transfer underscores the growing influence of Bitcoin in corporate finance, particularly for firms like SpaceX, which are exploring innovative uses of cryptocurrency. As Elon Musk expands the companys crypto strategy, it could signal broader acceptance and integration of digital currencies in major industries.