In October 2025, SpaceX transferred 133 million dollars worth of Bitcoin to a new Wallet, marking the second large-scale Crypto Assets transfer within a week. On October 24, a Crypto Assets Wallet associated with SpaceX transferred 1,215 Bitcoins, moving 300 and 915 Bitcoins to the new Wallet, respectively. Three days prior, SpaceX transferred approximately 268 million dollars worth of Bitcoin.
SpaceX transfers 400 million dollars in Bitcoin twice a week, raising speculation
(Source: Arkham)
Under the leadership of Elon Musk, SpaceX has transferred Bitcoin worth $133 million into a new wallet in October 2025. This marks the company's second significant crypto assets move within a week, sparking discussions about its asset management strategy. The crypto wallet associated with SpaceX was found to have transferred a total of 1,215 Bitcoins to different wallet addresses on Friday. Arkham Intelligence reported, “SpaceX transferred a total of $133.7 million in funds. They transferred 300 Bitcoins (worth $33 million) and 915 Bitcoins (worth $100.7 million) to the new wallet.”
It is worth mentioning that just three days ago, SpaceX also conducted a cryptocurrency transfer, during which it transferred approximately 268 million dollars worth of Bitcoin. This was the company's first large-scale movement of digital assets since July, attracting market attention to its cryptocurrency strategy. Two transfers within a week totaled approximately 400 million dollars (133 million + 268 million), and such frequent on-chain activities are not common in SpaceX's history.
Although Musk and SpaceX have not released any official statements, Arkham Intelligence and Lookonchain have verified these transactions. The transfer has attracted attention due to the company's digital Wallet activities still being closely monitored. This move highlights SpaceX's strategic asset management in discussions about institutional Bitcoin holding strategies, influencing market sentiment and Musk's attitude towards Bitcoin.
This transfer does not indicate a market sell-off, as the receiving wallet has not shown any outgoing activity, suggesting that the market is consolidating or changing custodians. This is a key observation. If SpaceX intends to sell Bitcoin, it would typically transfer directly to a wallet address at an exchange and then sell on the market. However, the current transfer is merely from one SpaceX-controlled wallet to another new wallet, and the new wallet has no outgoing transaction records, which resembles an internal asset reorganization or a change of custodian, rather than preparation for a sell-off.
After the transfer, the price of BTC briefly dropped to $109,938, but ultimately stabilized around $110,500. This short-term price fluctuation indicates the market's sensitivity to SpaceX's transfer. When on-chain monitoring tools detect large Bitcoin transfers, the market often experiences panic selling, fearing that institutions are about to dump their holdings. However, the price quickly stabilized, showing that the market recognized after the initial panic that this might not be a sell-off.
SpaceX reduced its holdings from 25,000 to 6,970 Bitcoins
According to Arkham's latest data, after this crypto assets transfer, SpaceX currently holds about 6,970 Bitcoins (approximately $770 million). Looking back to 2022, when this aerospace company held as many as 25,000 Bitcoins, it means that the company has reduced its Bitcoin holdings by over 70% so far. From 25,000 to 6,970, a reduction of 18,030 Bitcoins, resulting in a reduction ratio of 72%.
This large-scale sell-off is a significant turning point in Musk's history of Bitcoin investments. During the bull market in 2021, Musk and his companies (Tesla and SpaceX) were active supporters of Bitcoin. Musk frequently discussed Bitcoin on X (formerly Twitter), and Tesla announced that it would accept Bitcoin payments and hold Bitcoin as a corporate asset. However, Musk later changed his stance due to the environmental impact of Bitcoin mining; Tesla suspended accepting Bitcoin payments and reduced its holdings.
Historically, SpaceX has reduced its holdings after events such as the collapse of Terra-Luna and the bankruptcy of FTX. These actions indicate that portfolio security takes precedence over speculative trading, reflecting a more cautious approach to fund management. The collapse of Terra-Luna and the bankruptcy of FTX in 2022 plunged the entire crypto market into winter. In this environment, SpaceX's choice to reduce its Bitcoin holdings may be aimed at lowering risk exposure, reallocating funds to more stable assets, or for company operations.
SpaceX Bitcoin Holding Change Timeline:
2022: Held 25,000 Bitcoins (peak)
2022 to 2025: Continued reduction in holdings after the Terra-Luna and FTX events.
October 2025: Holding 6,970 Bitcoins (reduced by 72%)
Reduction scale: 18,030 Bitcoin
It is currently unclear why the company transferred these funds, nor whether it intends to sell part of its Bitcoin holdings. However, large fund flows from major institutions like SpaceX often trigger market speculation about an impending sell-off, prompting traders to adopt a more cautious stance. This market reaction is rational, as large institutional sell-offs can indeed have a significant impact on prices.
But some analysts believe that these transfers resemble more of an internal reorganization rather than a sale. The company may be consolidating its Bitcoin holdings and migrating old Wallet addresses to updated, more secure addresses. This interpretation aligns more closely with the current on-chain evidence. If SpaceX were indeed looking to sell, there would be no reason to do so in two phases across multiple Wallets; transferring directly to an exchange for a one-time sale would be more efficient. The dispersed transfer across multiple Wallets resembles standard asset management operations, aimed at enhancing security by diversifying asset storage.
Musk's Bitcoin Empire: Tesla Holds 11,509 Coins
Another company owned by Musk, Tesla, also has a close connection with Bitcoin. Tesla currently holds 11,509 Bitcoins, worth over 1.27 billion USD, making it the eleventh largest corporate holder of Bitcoin in the world. This ranking shows that Tesla occupies an important position among institutional Bitcoin holders, second only to companies focused on Bitcoin such as Strategy and Marathon Digital.
In October 2024, Tesla transferred approximately $765 million worth of Bitcoin to a new Wallet, and since then, there have been no recorded on-chain activities from Tesla. This silence contrasts with SpaceX's frequent transfers. Tesla's Bitcoin strategy appears to be more stable, holding long-term after completing custody adjustments, unlike SpaceX's continuous sell-offs.
Earlier this year, Tesla revalued its assets according to new accounting standards, resulting in over $600 million in quarterly profit due to the increase in Bitcoin prices. This change in accounting treatment is extremely significant. Previously, US accounting standards required companies to account for Crypto Assets as “intangible assets,” allowing only for impairment losses but not for recognizing gains. The new standards permit companies to revalue Crypto Assets at market value, enabling Tesla to include the paper profits from the increase in Bitcoin prices in its financial statements. The $600 million quarterly profit has significantly improved Tesla's financial statements.
It can be seen that regardless of the trends of these crypto assets, Musk's business empire, with the help of these two companies, quietly and steadily maintains its dominance in the global Bitcoin market. With SpaceX holding 6,970 coins and Tesla holding 11,509 coins, the companies controlled by Musk collectively hold approximately 18,479 Bitcoins, valued at around $2.04 billion. This scale makes Musk one of the largest corporate Bitcoin holders in the world (second only to Strategy).
SpaceX's Bitcoin management strategy has raised questions about the handling of institutional assets. This transfer demonstrates a method focused on asset security rather than direct market participation, continuing Musk's cautious approach to Bitcoin management. The ongoing reduction from the highs of 2022 indicates that SpaceX's confidence in Bitcoin as a corporate asset allocation may not be as strong as that of companies like Strategy, which focus on Bitcoin. This strategic difference reflects different attitudes towards risk among companies: Strategy views Bitcoin as a core strategic asset and continues to increase its holdings, while SpaceX considers it an auxiliary investment and reduces its holdings as needed.
Arkham's on-chain data also shows that when the transfer occurred, the Bitcoin trading price was close to $111,200. Within a few hours, Bitcoin briefly dipped to $109,938, before rising back to the current level of about $110,917. This price trend indicates that although SpaceX's transfer triggered short-term panic, the market quickly recognized that this was not a sell-off, and prices promptly recovered. This rapid price recovery capability demonstrates the resilience of the current Bitcoin market and the support from institutional buying.
