Elon Musk’s dormant Bitcoin wallet linked to SpaceX moved over $153 million in BTC a few days before Tesla’s second quarter (Q2) revenue report.
Traders and investors are hoping that the electric car maker may have been added to the Bitcoin portfolio in the second quarter.
SpaceX unexpectedly moves $153 million in BTC in three years
On-chain analytics platform LookonChain has revealed that SpaceX has moved 1,308 BTC to a new, unclear wallet after more than three years of inactivity.
The last outbound transaction in the wallet dates back to June 10th, 2022. Based on this, the latest transactions show a major change in the behavior of one of the most viewed bitcoin holding entities in the corporate sector.
SpaceX still holds 6,977 BTC, valued at around $8265 million, according to Arkham Intelligence.
This makes it one of the largest corporate Bitcoin holders after Tesla, with 11,509 BTC worth $1.36 billion. SpaceX and Tesla’s Bitcoin Holdings are located under Coinbase Prim Custody.
Meanwhile, the deal reignited speculation about Musk’s crypto strategy, particularly considering timing. Investor expectations are rising for Tesla’s revenue report, scheduled for release after the market closure on Wednesday, July 23rd.
Options traders have already contributed, with over $47 million in net call (purchase) options placed at TSLA on Friday, July 18th.
Tesla revenues are on the horizon, so investors’ returns will change
On Monday, Trader John Trade flagged the purchase of the $1.5 million TSLA 550 call, signaling bullish sentiment, despite Tesla’s turbulent years.
Tesla’s revenues are expected to reflect changes in the company’s revenue composition. According to tech investor Samsolid, auto revenue is projected to be 19.6% (Yoy) year-on-year, while energy revenue could rise by 67% and services could rise by 15.3%.
“If energy continues to increase as a larger share of total revenue, we can see an overall revenue acceleration,” he explained in X.
This reorganization of business segments could have a major impact on Tesla’s long-term evaluation narrative. This is especially true when reducing reliance on vehicle sales and increasing exposure to repeated infrastructure-driven revenue streams.
However, crypto market participants are interested in whether Tesla made changes to its Bitcoin stockpile in the second quarter.
“Some Tesla revenue wildcards… Will Tesla change its Bitcoin accounting for the third quarter? Tesla will win a ZEV credit Rev hit in the second quarter in 2022. Stock market reporter Ed Carson posed.
The simultaneous attention on SpaceX’s BTC move and Tesla’s revenues will raise stocks at Bitcoin price as it approaches Wednesday.
Is Elon Musk revitalizing his Crypto portfolio or is the world’s wealthiest man being relocated due to wider changes in financial markets?
Tesla’s revenues are grossing on deck, and SpaceX’s crypto footprint suddenly awakens, making the market endure a volatile week driven by a dual-company empire of masks.
Bitcoin’s Treasury data shows Tesla is the ninth most public company holding Bitcoin. SpaceX is not listed as it is not published.
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