Elon Musk’s SpaceX Transfers Another $894 Million in Bitcoin – Mysterious Move That Has Investors Buzzing
SpaceX, the private aerospace company founded by Elon Musk, has made a major transaction worth tens of millions of dollars in Bitcoin, continuing a string of recent high-profile transfers, according to on-chain data from Arkham Intelligence.
SpaceX reportedly transferred 281 BTC (worth over $31 million) from Coinbase Prime to a new, unknown wallet. While the purpose of the move is unclear – whether to restructure storage, prepare for a sale, or adjust its digital asset strategy – it has prompted observers to continue questioning Musk and SpaceX’s long-term Bitcoin plans.
The company has yet to make any official comment, although Decrypt has reached out for verification.
One of the world’s largest private Bitcoin stash
According to data from bitcointreasuries.net, SpaceX currently holds around 8,285 BTC, or $894 million, making it the fourth-largest private Bitcoin stash owner in the world.
Notably, the company held 25,000 BTC in 2022, before dropping to its current level in mid-2024. For the previous three years, SpaceX had barely moved any of its Bitcoin — until recent months, when a series of large transactions resurfaced on the chain.
Is SpaceX selling or just “adjusting its strategy”?
Blockchain experts say that moving digital assets between wallets does not necessarily mean selling. Some large organizations routinely perform “cold wallet rotations” to increase security. However, the continuous movement of hundreds of millions of dollars still makes the community question Musk's portfolio restructuring move.
Tesla still holds more than $1.2 billion in Bitcoin
Meanwhile, Tesla – the electric car company also run by Musk – still holds 11,509 BTC, worth more than $1.24 billion, just outside the top 10 public companies owning the most Bitcoin.
Tesla sold some of its Bitcoin in 2022, but has maintained a strong position so far. Thanks to new accounting rules applied earlier this year, Tesla recorded more than $600 million in profit in the quarter, when Bitcoin prices surged after the US presidential election.
Elon Musk – the central figure of both “Bitcoin treasuries”
Both SpaceX and Tesla are the most notable “Bitcoin treasuries” controlled by Elon Musk. While Musk has not yet publicly disclosed the details of SpaceX’s investment strategy, the constant movement of large amounts of BTC between wallets suggests a flexible financial plan, possibly related to the cryptocurrency payment projects that Musk has hinted at integrating on the X (Twitter) platform.
Currently, the market is still closely following SpaceX’s every move on the blockchain — because even a small change from Musk is enough to affect the global sentiment and price trend of Bitcoin.