Key Takeaways
- SpaceX moved $268M worth of BTC in its first transfer since July.
- Analysts view the move as an internal reshuffle, not a sale.
- The company still holds 8,285 BTC with $621M in unrealized gains.
SpaceX, the aerospace giant founded by Elon Musk, has once again stirred speculation in crypto markets.
On Oct. 21, a SpaceX-linked wallet transferred 2,395 BTC worth $268 million — its first major on-chain movement in three months.
The transfer comes amid heightened volatility, with Bitcoin dipping below $108,000 on U.S.–China trade tensions and ETF outflows.
Yet unlike past whale moves, this transaction sparked little panic.
Details of the Transfer
On-chain data shows that BTC was split into two tranches:
- 1,298 BTC ($139.7 million) sent to bc1qj7enhu6…
- 1,197 BTC (~$128.8 million) sent to bc1qq7872pz…
Both receiving addresses remain inactive with no outflows.
Before the transfer, SpaceX wallets executed two tiny test transactions ($150 and $177) from Coinbase Prime — a common custody protocol.
The original wallet now holds 5,790 BTC (~$625 million), while SpaceX’s total holdings remain unchanged at 8,285 BTC.
Analysts interpret the move as a custody reshuffle for security or risk management, not liquidation.
SpaceX’s Bitcoin Strategy
SpaceX began acquiring Bitcoin in 2021 but sold around 70% of its position in mid-2022 during the Terra-Luna collapse and FTX fallout.
Since then, the company has kept a steady 8,285 BTC, worth more than $1.1 billion at current prices, with unrealized profits topping $621 million.
The firm last moved coins in July 2025, sparking speculation across social media. But, as with this week’s transaction, no sales to exchanges were detected.
Market Impact
Bitcoin briefly dipped below $108,000 during the transfer window but showed no signs of distress selling.
Analysts note that BTC has matured as an asset, with large corporate transfers no longer triggering the kind of market-wide panic seen in earlier cycles.
At press time, Bitcoin was trading at $107,805 with a daily trading volume of $61.3 billion.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
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