Elon Musk’s SpaceX has moved another portion of its bitcoin holdings—roughly 281 BTC valued at $31.3 million—into a new wallet, according to blockchain analytics firm Arkham. The latest transfer took place on October 29 and marks the company’s fifth such move this month, continuing what analysts describe as a pattern of custody consolidation.
SpaceX(@SpaceX) just transferred another 281 $BTC($31.28M) to a new wallet — likely for custody purposes.
— Lookonchain (@lookonchain) October 30, 2025
In the past 10 days, #SpaceX has moved their BTC holdings three times.https://t.co/zW62EKM2RD pic.twitter.com/XstZgyryOA
Data compiled by Lookonchain and Arkham shows that SpaceX has transferred a total of 4,337 BTC (worth about $471.7 million) in October alone. All transactions were executed via Coinbase Prime, an institutional crypto custody and trading platform.
Earlier this month, SpaceX shifted 2,495 BTC (around $268.5 million) on October 21, followed by another 1,561 BTC ($171.9 million) on October 24. Although the company has not provided a public explanation for the transfers, analysts believe these moves are part of internal wallet reorganizations rather than sales or acquisitions.
Some of the bitcoin appears to be moving from older “legacy” addresses—those beginning with “1”—to more recent formats such as “bc1q.” These address types represent upgrades in Bitcoin’s infrastructure, offering improved efficiency, security, and lower transaction fees. The latest transactions seem to consolidate funds within these modern address types.
Musk confirmed in July 2021 that both SpaceX and Tesla hold bitcoin. However, by the end of 2022, SpaceX had reportedly reduced its crypto reserves by around 70%, likely in response to a series of major market shocks, including the Terra collapse and FTX’s downfall.
Arkham first identified SpaceX’s bitcoin wallets in March 2024, tracking 8,285 BTC across 28 addresses. The firm now estimates that SpaceX holds approximately 7,258 BTC—around $799 million at current prices—though that figure may not yet reflect the most recent transfers. About 1,027 BTC from October’s transactions has not been relabeled in Arkham’s system, potentially due to pending verification.
Tesla, meanwhile, continues to hold 11,509 BTC, currently valued at about $1.3 billion.
As SpaceX continues to streamline its crypto custody setup, the moves appear to signal ongoing operational management rather than strategic changes in its bitcoin position.
