Elon Musk’s aerospace firm has now moved over $470 million worth of BTC this month, signaling a major upgrade of its crypto storage infrastructure.
Elon Musk’s SpaceX has transferred another 281 BTC, worth roughly $31.3 million, to a new wallet on October 29, according to blockchain analytics firm Arkham. The move marks SpaceX’s fifth major Bitcoin transfer this month, pushing total October movements to 4,337 BTC — nearly $472 million at current prices.
Analysts suggest the transfers are part of a custody reorganization, as the company consolidates its Bitcoin holdings and transitions from older address formats to modern SegWit and Taproot wallets.
“The trend points to a security-focused migration rather than liquidation,” said crypto analyst Ryan Chen, noting that several institutional holders have been upgrading their wallets to improve efficiency and safety.
From Legacy Addresses to Taproot: SpaceX’s Upgrade Path
Data from Arkham and Lookonchain show that SpaceX’s earlier addresses — starting with “1” — belonged to legacy Pay-to-PubKey-Hash (P2PKH) wallets, one of Bitcoin’s oldest address types. Recent transactions indicate a gradual shift toward Taproot (bc1p) and SegWit (bc1q) formats, known for faster transactions and stronger privacy.
Between October 21 and October 24, the company moved over 4,000 BTC in multiple batches via Coinbase Prime, an institutional-grade custody platform.
“Such activity reflects internal wallet restructuring, not offloading,” Chen added.
SpaceX and Tesla Still Among Corporate Bitcoin Heavyweights
Musk first revealed that both Tesla and SpaceX hold Bitcoin in July 2021. While SpaceX reportedly sold about 70% of its stash in 2022 amid the Terra and FTX market crises, Arkham now tracks 7,258 BTC — about $799 million — across 28 addresses linked to the company.
By comparison, Tesla continues to hold around 11,509 BTC, valued at roughly $1.3 billion.
“These transfers suggest SpaceX remains a long-term holder rather than a seller,” said analyst Hiro Tanaka, adding that custody upgrades typically precede new accounting or audit cycles.
SpaceX’s continued wallet movements highlight a maturing approach to Bitcoin treasury management — one focused on operational security and compliance, not speculation.
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.