SpaceX moved another large slice of its bitcoin holdings this week, continuing a series of transfers that analysts believe point to ongoing custody consolidation.
According to blockchain data flagged by Arkham and reviewed by Lookonchain, the company shifted 1,021 BTC — roughly $94.5 million — early Wednesday morning. It’s the second transfer this month and the ninth recorded so far this year. In total, SpaceX has moved about 8,910 BTC in 2024, valued at roughly $924 million, with most of the activity routed through Coinbase Prime.
SpaceX(@SpaceX) just transferred out another 1,021 $BTC($94.48M), to possibly Coinbase Prime for custody.https://t.co/zW62EKM2RD pic.twitter.com/PwBIvD5RaR
— Lookonchain (@lookonchain) December 10, 2025
The latest transaction split the funds between two unidentified wallets, with 614 BTC sent to one address and 407 BTC to the other. SpaceX has not commented publicly on the reason for the transfers. Analysts say that, based on past activity, the company is likely reorganizing its wallets or consolidating long-held assets into newer address formats.
The shift from older “1” addresses to modern “bc1q” SegWit and “bc1p” Taproot formats tracks with broader changes across the Bitcoin ecosystem. Legacy Pay-to-PubKey-Hash (P2PKH) addresses are now largely being replaced as companies adopt more efficient and secure standards.
SpaceX’s bitcoin ownership first became public in 2021 when Elon Musk confirmed that both Tesla and SpaceX held the cryptocurrency. The company reportedly sold a significant portion of its holdings during the market turmoil of 2022, when events like the Terra-Luna collapse and the fall of FTX triggered widespread liquidity stress.
SpaceX 时隔三个月再次转出价值 2.68 亿美元的 $BTC
— Ai 姨 (@ai_9684xtpa) October 21, 2025
其中 1187 枚 BTC 已转移至地址 bc1qq...4sduw，1208 枚转移至地址 bc1qj7...6kqef，目前两个接收地址都暂未转移或卖出
不过需要注意的是：七月时 SpaceX 的突发转账，其接收地址已被 Arkham 标记为 Coinbase Prime Custody… https://t.co/ZerD9mJcSB pic.twitter.com/D0L2mnLEOa
Arkham’s latest breakdown lists 3,991 BTC under addresses linked to SpaceX, though that figure may undercount recent movements that haven’t yet been labeled. Some trackers, including Bitcoin Treasuries, still show SpaceX at 8,285 BTC — the amount Arkham initially identified in March. Tesla, meanwhile, continues to hold 11,509 BTC, worth roughly $1.24 billion.
IPO Plans Taking Shape
The onchain activity comes as SpaceX is reportedly advancing toward a public listing. Bloomberg reports the company is preparing a potential IPO as early as mid-to-late 2026, aiming to raise more than $30 billion. Sources say the offering could value SpaceX around $1.5 trillion, placing it in the same league as Saudi Aramco’s landmark 2019 debut.
The timing isn’t set in stone. People familiar with the discussions noted that shifting market conditions could push the IPO into 2027.
