Elon Musk’s SpaceX puts Bitcoin ahead of a potential record-breaking launch

Private aerospace company SpaceX moved more than $94 million worth of Bitcoin on Wednesday, according to on-chain data, ahead of reported plans to go public in 2026.

Bitcoin addresses identified by blockchain analytics firm Arkham Intelligence as belonging to SpaceX transferred a total of approximately 1,021 BTC to two addresses, split into amounts of 407 BTC and 614 BTC.

“SpaceX just transferred $94 million worth of BTC. They have been moving about $100 million worth of BTC every week for the past two months,” Arkham wrote on X.

The move is the latest in one series of transfers from Elon Musk’s company this year, as it reportedly prepares for a possible record-breaking initial public offering. The public listing process could see the company raise more than $30 billion at a valuation of $1.5 trillion. according to a report from Bloomberg.

At this time it is not immediately clear whether the recent transfers, or those from earlier this year, have anything to do with a possible IPO. A company representative did not immediately respond to a request for comment from Declutter.

Although regular transfers took place earlier this year, SpaceX had not touched anything before these transactions his Bitcoin holdings in three years. Most recently, it transferred around $100 million worth of BTC last week.

The Starbase, Texas-based company once held as much as 25,000 BTC as of 2022, but its holdings have shrunk over the years.

As of Wednesday, the company owns 8,285 BTC worth approximately $770 million, according to data from BitcoinTreasuries.net– good enough to make it the fourth largest private company owning the assets. That brand would make it the 14th largest container if it retains its position when it becomes a publicly traded company.

Bitcoin has recovered from a decline that took it to almost $81,000 in November. The top crypto asset by market cap recently changed hands around $92,287. However, it is still nearly 27% below October’s all-time high above $126,000.