A dormant Bitcoin wallet linked to Elon Musk’s SpaceX transferred over $153 million in BTC just days before Tesla’s second quarter (Q2) earnings report.
Traders and investors remain hopeful that the electric car maker may have added to its Bitcoin portfolio in Q2.
SpaceX Unexpectedly Moves $153 Million in BTC After 3 Years
On-chain analytics platform Lookonchain revealed that SpaceX moved 1,308 BTC to a new, unidentified wallet after more than three years of inactivity.
The wallet’s last outbound transaction dates back to June 10, 2022. Based on this, the latest transaction marks a significant shift in behavior for one of the most watched Bitcoin-holding entities in the corporate arena.
According to Arkham Intelligence, SpaceX still holds 6,977 BTC, valued at approximately $822.65 million.
This makes it one of the largest corporate Bitcoin holders after Tesla, which holds 11,509 BTC worth $1.36 billion. SpaceX and Tesla’s Bitcoin holdings are under Coinbase Prime custody.
Meanwhile, this transaction reignited speculation around Musk’s crypto strategy, especially given the timing. It comes amid heightened investor anticipation for Tesla’s earnings report, scheduled for release after the market close on Wednesday, July 23.
Options traders are already contributing, with over $47 million in net call (purchase) options placed on TSLA on Friday, July 18, alone.
Investors Eye Revenue Shift As Tesla Earnings Loom
On Monday, trader John Trades flagged a $1.5 million purchase of TSLA 550 calls, signaling bullish sentiment despite Tesla’s turbulent year.
Tesla’s earnings are expected to reflect the company’s shifting revenue composition. According to tech investor Samsolid, auto revenue is projected to fall 19.6% year-over-year (YoY), while energy revenue could jump by 67%, and services by 15.3%.
“If energy continues to grow as a larger share of total revenue, we could see overall revenue acceleration,” he explained on X.
This realignment of business segments could have major implications for Tesla’s long-term valuation narrative. This is especially true if it reduces reliance on vehicle sales and increases exposure to recurring or infrastructure-driven income streams.
However, crypto market participants are interested in whether Tesla made any changes to its Bitcoin stockpile in Q2.
“A few Tesla earnings wildcards…Will Tesla change Bitcoin accounting for a 3rd straight quarter? Will Tesla take a ZEV credit rev hit in Q2 due to 2022- emission fines scrapped? Any Tesla Energy margin hit in Q2 from Trump tariffs?” stock market reporter Ed Carson posed.
The synchronized attention on SpaceX’s BTC move and Tesla’s earnings raises the stakes for Bitcoin price as Wednesday nears.
Is Elon Musk reactivating his crypto portfolio, or is the richest man in the world repositioning for broader shifts in financial markets?
With Tesla earnings on deck and SpaceX’s crypto footprint suddenly reawakened, markets are bracing for a volatile week driven by Musk’s dual corporate empires.
Data on Bitcoin Treasuries shows Tesla is the ninth-largest public company holding Bitcoin. SpaceX is not on the list as it is not publicly traded.
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