The research firm Arkham Intelligence has confirmed a transfer of ownership involving 2,495 Bitcoins from SpaceX, a company owned by Elon Musk, to two unidentified wallet addresses. This move has sparked curiosity about the motive behind the transaction.

The transfer of the world’s most valuable cryptocurrency, totaling nearly US$270 million, marks SpaceX’s first such activity since late July and represents its most significant change in months. Analysts suggest that the move might simply be part of an internal wallet reorganization within the company.

The two unidentified addresses reportedly received a total of 2,495 BTC, equivalent to roughly Rp 4.49 trillion. According to The Block’s report as of Wednesday, those wallets have yet to conduct any further transactions or sell the Bitcoin.

A crypto analyst known as Aunt shared possible explanations for the transfer of ownership through a post on X (formerly Twitter), though there has been no official statement released regarding the exact reason for the move.

Several previous SpaceX transfers recorded by Arkham were later found to be interactions between the company and custodial wallets on Coinbase Prime, as noted by analysts.

Roughly three years ago, Arkham also observed that SpaceX had reduced its Bitcoin holdings by around 70%. Market observers interpreted the decision as a possible response to major shocks in the crypto industry, including the collapse of Terra-Luna in May and the FTX bankruptcy in November.

Meanwhile, another Musk-owned company, Tesla, had also sold most of its Bitcoin holdings back in 2022. Currently, according to Arkham’s data, Tesla holds approximately 11,509 BTC, valued at around US$1.24 billion.