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 new discussions in the crypto market this week after transferring more than $105.4 million in Bitcoin (BTC) to two fresh wallet addresses.
The move, recorded on Wednesday evening, continues a pattern of quiet but significant activity around the company’s digital asset reserves.
Breakdown of SpaceX’s latest bitcoin transfer
According to data from Arkham Intelligence, SpaceX sent 1,163 BTC at around 6:16 p.m. The company split the transfer between two unmarked wallets, with 399 BTC going to one address 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.
SpaceX Bitcoin Holding – Source: Arkham
After the latest transaction, Arkham estimates that SpaceX now holds around 6,095 BTC, valued at roughly $556.7 million based on Bitcoin’s $91,324 price as of 10 p.m. Wednesday. BTC climbed 4.17% over the past 24 hours, adding more attention to the timing of SpaceX’s latest activity.
Possible reasons behind the transfers
The motive behind the transfers remains unclear. However, blockchain analysts believe that the activity can be associated with custody management, in which companies renew or reorganize wallet structures due to security and operational considerations.
SpaceX appears to be transitioning coins from older, legacy addresses into newer wallets, a move often associated with tightening internal controls rather than preparing to sell.
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.
Arkham reports that 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
The latest transfer comes just days after another widely discussed transaction. Earlier reports indicate that SpaceX moved 281 BTC worth $31.28 million into a new wallet, marking the third significant Bitcoin transfer within 25 days.
Lookonchain noted that the company has been reorganizing its holdings since early November. Earlier this month, SpaceX also transferred more than $133 million Bitcoin as well, dividing 1,215 BTC into two 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. In late 2021 and early 2022, SpaceX is said to have over 1.6 billion Bitcoin.
By mid-2022, the portfolio had fallen to below $400 million, which reflected the market-wide crash. In the last two years, the value has been slightly stabilized with Bitcoin recovering.
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 more than $1.53 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.
Why this matters
The massive moves by big firms tend to create speculation regarding market motive, potential selling pressure, and institutional mood.
Although there are no signs of a sale, the active reshuffling of SpaceX reminds that corporate players, in particular, Musk-led companies, continue to influence the market psychology.
As Bitcoin trades well and crypto whales open big leveraged accounts, the market is sensitive to all big wallet actions. The recent undertaking of SpaceX is another twist to the changing narrative of institutional adoption and management of Bitcoin.
Also Read: MetaPlanet Secures Another $130M Loan Backed by Its BTC Holdings
Powered by WPeMatico