SpaceX has reportedly moved 1,300 BTC worth over $153 million from a dormant wallet, sparking questions about its purpose, such as a custody adjustment or sell-off. The wallet still holds nearly 7,000 BTC. The move comes amid scrutiny of SpaceX’s government contracts and attempts to raise over $1 billion for a $400 billion valuation.

Elon Musk first disclosed SpaceX’s Bitcoin holdings in 2021, purchasing nearly 26,000 BTC worth $860 million. Recent reports suggest a reduction to over 8,000 BTC. Similarly, Tesla bought over 43,000 BTC in 2021, citing the need to diversify cash. Both firms have significantly reduced their holdings to just over 11,500 BTC and 1.4 billion at last look, respectively.

Musk has stated his intention not to sell his Bitcoin holdings, emphasizing the preference for physical assets like stocks or homes during high inflation. Recent speculation suggests he may be quietly accumulating more Bitcoin. He has also expressed support for Bitcoin through his proposed “America party,” criticizing fiat currency in light of government decisions.

The recent movement of SpaceX’s Bitcoin holdings has raised speculation about a potential sell-off, with Musk’s public statements indicating a commitment to holding on to his own Bitcoin, Ethereum, and Dogecoin. Musk’s political aspirations with the “America party” include embracing Bitcoin and challenging traditional fiat currency systems.

Read more at Yahoo Finance: Elon Musk’s SpaceX Moves Bitcoin For The First Time In 3 Years: Is A Sell-Off Incoming?