SpaceX, the aerospace firm, transferred nearly 2,400 BTC, prompting immediate analysis that pointed toward routine treasury management rather than a market-moving sale.
In Brief
- SpaceX transferred 2,395 Bitcoin, valued at approximately $268 million, from known company wallets to two new addresses on October 21, 2025.
- Blockchain data shows the receiving wallets remain inactive, with analysts suggesting the move mirrors a previous internal transfer to a custody provider.
- Following the transfer, SpaceX’s on-chain Bitcoin balance is estimated to be 5,790 BTC, worth approximately $625 million.
SpaceX, the aerospace manufacturer led by Elon Musk, has transferred 2,395 Bitcoin worth around $268 million to two new, inactive wallets, according to on-chain data. The transaction, which occurred Tuesday, was first reported on social media.
The funds were moved in two parts from known SpaceX wallets: 1,187 BTC to one address and 1,208 BTC to another. Blockchain analytics Arkham Intelligence later confirmed the transfers originated from wallets associated with the company.
Analysts Point to SpaceX Internal Reshuffle
The consensus among market observers is that the transfer was an internal reorganization of assets, not a move to liquidate holdings. This assessment is based on the fact that the receiving wallets have seen no subsequent outflows to any cryptocurrency exchanges.
The event mirrors a similar transaction on July 22, 2025, when SpaceX moved 1,308 BTC to an address that Arkham Intelligence later identified as a Coinbase Prime Custody wallet.
“In July, SpaceX’s sudden transfer had its receiving address marked by Arkham as a Coinbase Prime Custody address,” on-chain analyst Ai Yi said in a post on X. “This time, it might be wallet reorganization.”
Other analysts shared this perspective. “Early read: treasury shuffle, not a dump,” said crypto trading analyst Biturai.
SpaceX History with Bitcoin Holdings
SpaceX began accumulating Bitcoin in late 2020, with its holdings peaking in April 2021 at approximately 28,000 BTC, valued at $1.8 billion at the time. The company sold a significant portion of its position in mid-2022 amid severe market volatility linked to the collapses of the Terra-Luna ecosystem and the FTX exchange.
By the first quarter of 2025, its holdings had stabilized at around 8,285 BTC. The latest transfer leaves SpaceX with an on-chain balance of approximately 5,790 BTC. While the price of Bitcoin experienced a minor 2.6% dip following the transfer, analysts largely attributed the price action to broader market factors rather than SpaceX’s on-chain movements.
ChainStreet’s Take
The market loves to panic when a Musk-linked wallet moves, but the data doesn’t back the drama this time. SpaceX’s 2,395 BTC shuffle looks like housekeeping, not a liquidation. The dormant destination wallets, plus the pattern echoing July’s Coinbase Prime Custody transfer, point to internal treasury realignment.
What’s notable isn’t the transaction itself, but the continued visibility of SpaceX’s Bitcoin strategy; a quiet, calculated position that’s been steadily trimmed since 2022 but still leaves the company holding over half a billion dollars in BTC. In a market hypersensitive to big wallets, Musk’s playbook remains simple: move fast, but not necessarily to sell.
