Elon Musk‘s space exploration company SpaceX reportedly recently made a rare move as Bitcoin touched all-time high. According to a report in Cryptobriefing, a wallet tied to Elon Musk’s SpaceX moved more than 1,300 Bitcoin (BTC) worth approximately $153 million to a new address. According to Arkham Intelligence data, the company moved Bitcoin in June end. The report claims it to be the first on-chain activity from the wallet in three years.The SpaceX-labeled wallet is said to still hold over 6,900 BTC, valued at around $810 million at current market prices. The reason for SpaceX’s recent move is unclear, but it may involve reorganizing its storage infrastructure rather than preparing to sell off assets.As of mid-2025, Tesla and SpaceX collectively held about $2 billion in Bitcoin, according to Arkham. Tesla’s Q1 earnings report indicates it currently holds approximately 11,509 BTC. The companies purchased their Bitcoin at an average price of around $32,000 per unit and have maintained these long-term positions, with unrealized profits nearing $1.5 billion. Bitcoin recently hit a new all-time high above $122,800, leading a Satoshi-era whale to sell 80,000 BTC. At the time of reporting, Bitcoin was trading above $117,000, per CoinGecko data.

Donald Trump signs Stablecoin law, GENIUS Act

President Donald Trump recently signed the GENIUS Act. The bill is said to be a huge win for the crypto industry that has been lobbying for a regulatory framework to gain greater legitimacy. The GENIUS Act bill was passed in the House of Representatives by a vote of 308 to 122 on Thursday, after Senate approval.The bill bans yields or interest payments on regulated Stablecoins, which Deutsche Bank said is leading to a rise in Ether prices. Analysts believe that investors are moving into the world’s second biggest cryptocurrency Ether as an alternative for yield generation in decentralized finance.“It has been a long-awaited moment for Ethereum, and although it’s too early to be fully convinced of a longer term trend shift, the confluence of factors are playing into its favor,” said Luke Nolan, senior research associate at CoinShares. Stablecoins are designed to maintain a constant value, usually a 1:1 U.S. dollar peg, and their use has exploded, mainly by crypto traders moving funds between tokens.Some large Wall Street banks such as Bank of America too have reportedly been working on launching their own Stablecoins.