SpaceX, the aerospace company led by Elon Musk, has transferred roughly $268.5 million worth of bitcoin—its first such move since July, according to blockchain analytics firm Arkham Intelligence.
Data from Arkham shows that 2,495 BTC were moved on Tuesday to several unmarked wallet addresses that have not yet made any further transactions. This marks the first significant adjustment to SpaceX’s bitcoin reserves since June 2022, when the company was reported to hold around 8,285 BTC.
The reason for the transfer has not been made public. However, crypto analyst Aunt Ai (@ai_9684xtpa) suggested on X (formerly Twitter) that the move could be part of a wallet reorganization rather than an outright sale. Past transactions by SpaceX, initially appearing as transfers to unknown wallets, were later identified as movements linked to Coinbase Prime custody addresses, she noted.
SpaceX’s bitcoin strategy has seen few public changes in recent years. In mid-2022, the company reportedly reduced its holdings by about 70%, a move thought to have been influenced by the crypto market’s turbulent period—marked by the collapse of Terra-Luna in May and FTX in November. Since then, Arkham data indicates that SpaceX has not made new bitcoin purchases.
Elon Musk’s other major company, Tesla, followed a similar path. After selling a large portion of its bitcoin reserves in 2022, Tesla still holds 11,509 BTC, valued at approximately $1.24 billion.
Meanwhile, bitcoin’s price has dipped 3.2% in the past 24 hours, now trading near $107,685, amid a broader 3.4% market decline, according to data.
While SpaceX’s motives remain unclear, the transfer has reignited attention on how major corporations manage their crypto reserves in a still-volatile market. For now, the move appears to be more about asset management than market timing—a routine shuffle in SpaceX’s broader financial playbook.
