Elon Musk’s SpaceX (NASDAQ: $SPCX) has moved some Bitcoin (CRYPTO: $BTC) out of its digital wallet, the first such movement in six months.
However, analysts have been quick to say that SpaceX is unlikely to sell the Bitcoin it has moved given that it is a very small amount.
SpaceX has transferred less than $300 U.S. worth of its $1.16 billion U.S. Bitcoin holdings.
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Some analysts have speculated online that the small amount of Bitcoin that SpaceX moved could be used to cover network fees before a larger BTC transaction takes place.
SpaceX went public on June 12 in the largest initial public offering (IPO) on record, and its filing put the company’s BTC position on a public balance sheet for the first time.
The commercial space company currently holds 18,712 Bitcoin. It’s not clear why SpaceX has moved some Bitcoin. Other theories circulating online say it could be to pay maintenance fees.
SpaceX has not commented on the Bitcoin movement or its plans for the company’s crypto holdings. SpaceX has been raising money since its IPO.
Six months ago, SpaceX moved 1,000 BTC from its own addresses to Coinbase Prime (NASDAQ: $COIN) custody without selling any.
SpaceX founder Elon Musk oversees more than 30,000 Bitcoin between SpaceX and electric vehicle maker Tesla (NASDAQ: $TSLA).
Musk’s current BTC holdings are estimated to be worth $1.85 billion U.S.