Key Highlights
- SpaceX moved over $105 million in Bitcoin, shifting 1,163 BTC to two new wallets in its latest major transfer.
- Arkham data shows SpaceX now holds about 6,095 BTC worth roughly $556 million as Bitcoin trades above $91,300.
- Recent repeated transfers suggest internal custody management, adding fresh speculation about SpaceX’s broader Bitcoin strategy.
Elon Musk’s aerospace company SpaceX triggered discussions within the crypto community after transferring more than $105.4 million in Bitcoin (BTC) to new wallet addresses. The move, recorded on Wednesday evening, continues a pattern of quiet but significant activity around the company’s Bitcoin reserve.
According to data from Arkham Intelligence, SpaceX sent 1,163 BTC at around 6:16 p.m. UTC. The company split the amount between two new wallets, with 399 BTC going to first one and 764 BTC going to another.
This marks SpaceX’s first notable BTC movement since Oct. 29, when it shifted 281 BTC to a new address. At the time of publishing, SpaceX holds 6,095 BTC, valued at roughly $556.7 million.
Possible reasons behind the transfers
While the motive behind SpaceX’s Bitcoin transfers remains unclear, blockchain analysts believe that the activity can be associated with custody management, in which companies renew or reorganize wallets due to security and operational considerations. It also appears to be transitioning coins from older, legacy addresses to new wallets, which have upgraded to newer security protocols.
This aligns with the company’s previous behavior. In mid-2022, SpaceX reportedly cut its Bitcoin holdings by nearly 70%, a decision likely influenced by the market turbulence caused by the Terra-Luna crash and later the FTX collapse. Since that time, SpaceX has not added new Bitcoin to its portfolio, although it still operates its current portfolio and periodically shifts between wallets.
Recent activity shows a bigger pattern
As reported by The CryptoTimes earlier, the company has been reorganizing its holdings in recent months. It moved 281 BTC worth $31.28 million into a new wallet on October 29, marking the third significant Bitcoin transfer of the month. While in November, the firm also transferred more than $133 million in Bitcoin as well, sending it to new wallets.
Analysts found it unusual that these addresses were not labeled as SpaceX-controlled, fueling speculation about updated custody arrangements or internal restructuring.
Historically, the company has suffered a sharp fluctuation in its Bitcoin holdings. During late 2021 and early 2022, SpaceX is said to have over $1.6 billion in Bitcoin. But by mid-2022, its portfolio fell below $400 million. In the last two years, the value has been slightly stabilized with Bitcoin price reaching to new highs.
Tesla’s bitcoin approach adds context
SpaceX’s activity comes while Tesla, another Musk-led company, maintains one of the largest corporate Bitcoin treasuries. Tesla currently holds 11,509 BTC, worth approximately $1.05 billion today. The automaker updated its Bitcoin accounting rules earlier this year and reported more than $600 million in quarterly profit as BTC prices surged.
Tesla last made a major transfer in October 2024, moving around $760 million in Bitcoin. Since then, the company has remained quiet, creating a contrast with SpaceX’s recent movements.
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