Key facts
- A SpaceX-linked wallet transferred Bitcoin for the first time in six months.
- The transfer involved a small amount, approximately $88.
- SpaceX's wallet still holds a substantial amount of Bitcoin, valued at $1.16 billion.
- SPCX stock has fallen over 25% in the last month.
- SPCX stock is now trading below its initial public offering price.
A wallet address associated with Elon Musk's SpaceX transferred Bitcoin, marking the first such movement in six months and sparking speculation in both crypto and stock markets. The transfer involved approximately $88 worth of Bitcoin, while the SpaceX wallet still holds nearly 18,712 BTC, valued at $1.16 billion.
This activity occurs amid broader selling by digital asset treasuries and a renewed geopolitical tension between the US and Iran, with President Trump casting doubt on the cease-fire.
Concurrently, SPCX stock has experienced a significant sell-off, falling over 25% in the past month and dropping below its IPO debut price. Despite SpaceX joining the Nasdaq 100, which typically signals long-term bullish sentiment, the stock remains under selling pressure. Wall Street firms, including Morgan Stanley, have initiated coverage with higher price targets, with Morgan Stanley analysts expressing strong optimism and setting a target of $300.