Arkham data shows the Elon Musk–led company transferred 2,495 BTC, sparking speculation over motive
SpaceX has moved roughly 2,495 BTC — valued at around $268.5 million — to two unmarked addresses, marking its first significant bitcoin transfer since July, according to on-chain analytics platform Arkham Intelligence.
The transfer, which occurred early Tuesday, represents the first material adjustment to SpaceX’s bitcoin reserves since June 2022, when the company’s total holdings stood near 8,285 BTC. So far, the destination addresses have not shown any subsequent activity, suggesting the assets have not been sold or traded.
First Movement in Over a Year Raises Questions
Analysts were quick to weigh in on the implications of the move. Aunt Ai, an on-chain researcher, noted that this activity may simply reflect “internal wallet reorganization” rather than any strategic liquidation.
“In previous cases, SpaceX’s transfers were later linked to its custody arrangements with Coinbase Prime, rather than market sales,” the analyst wrote on X.
Still, the transaction has drawn attention given SpaceX’s long silence on its crypto holdings, particularly after the firm reportedly reduced its bitcoin exposure by 70% in mid-2022 during a period of widespread market turmoil following the Terra-Luna collapse and FTX’s implosion.
Bitcoin and Tesla’s Holdings Compared
While SpaceX’s movement appears to be logistical, it highlights how Elon Musk’s companies remain intertwined with the crypto ecosystem. Tesla, another Musk-led firm, still holds about 11,509 BTC, valued at roughly $1.24 billion, according to Arkham data.
“This kind of transfer doesn’t necessarily signal buying or selling pressure,” said a senior analyst at a Singapore-based crypto research firm. “But with SpaceX’s scale and Musk’s influence, even wallet reorganizations can ripple through sentiment.”
At the time of writing, Bitcoin (BTC) has fallen 3.2% over the past 24 hours to around $107,685, mirroring a 3.4% pullback across the broader crypto market. Despite short-term volatility, institutional activity — including corporate holdings like SpaceX’s — remains a key factor in bitcoin’s perception as a long-term reserve asset.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.