SpaceX Bitcoin Wallet Awakens After 3-Month Hibernation — Moves $268.5M in Stunning BTC Transfer
SpaceX's dormant Bitcoin vault just roared back to life — and the market felt the tremor.
The $268.5 Million Question
Three months of radio silence shattered as Elon Musk's aerospace giant executed a massive Bitcoin transfer. The wallet's sudden activity sent immediate ripples through crypto circles, with traders scrambling to decode the timing and intent behind the quarter-billion dollar move.
Timing Is Everything
The transfer lands during a period of renewed institutional interest in digital assets. While SpaceX maintains its characteristic silence about treasury strategy, the sheer scale of movement suggests either portfolio rebalancing or preparation for significant capital deployment.
Market Mechanics in Motion
Large wallet movements from major corporations typically trigger volatility events. This transaction follows the pattern — creating immediate liquidity pressure while simultaneously demonstrating the growing maturity of Bitcoin as a corporate asset class. Because nothing says 'mature asset' like nine-figure transfers between anonymous digital wallets.
The real test comes next — whether this signals renewed corporate confidence in crypto or just another billionaire playing hot potato with digital gold.
SpaceX holdings drop to 5.79K on Coinbase Prime Custody
The latest wallet transfers mark the second major movement after the July transfer reported on Cryptopolitan, which saw 1,308 BTC worth roughly $153 million at the time being moved after almost three years of inactivity. The wallet showed no activities afterward, indicating that the movement could have been an internal custodial change.
SpaceX’s total holdings in July were 6,977 BTC held through Coinbase Prime Custody, valued at around $818 million at the time.
Currently, the firm has roughly 5,790 BTC via its Coinbase Prime Custody account, valued at around $626.4 million based on Arkham on-chain data. So far, the aerospace technology firm has not made any official statement, but the on-chain activity suggests it is repositioning part of its bitcoin holdings.
Elon Musk’s firm Bitcoin holdings became public in 2021 when he confirmed that Tesla had acquired BTC. Later, filings revealed SpaceX had written down approximately $373 million in digital asset losses through the 2021-2022 market shakedown.
On the other hand, Tesla sold most of its holdings towards the end of 2022, leaving SpaceX to make infrequent but notable adjustments, which some analysts say aimed to improve security, custody, and transparency. However, along the way, the automobile firm regained its holdings with over 1,150.9 BTC, currently valued at roughly $1.24 billion based on on-chain data.
Institutional holders rebalance Bitcoin exposure
CryptoQuant analysis identified that long-term holders (LTHs) have reduced their holdings by roughly 337,300 BTC, and short-term holders (STHs), on the other hand, have added 351,100 BTC, indicating a significant redistribution of Bitcoin supply.
Bitcoin STH/LTH Supply vs. ETF Flows vs. Strategy. Source: CryptoQuant
At the time of publication, Bitcoin traded at $107,753, down 2.6% over the past 24 hours and 3% over the week, according to CoinMarketCap. The token has also maintained an average of $61.33 billion trading volume over the past 24 hours, marking an increase in volatility by over 4%.
Despite the downturn, institutional inflows from ETFs and corporate treasuries have remained stable, cushioning the decline. SoSoValue data shows the US spot Bitcoin ETF has recorded a $40.47 million net outflow over the past 24 hours and a cumulative net inflow of $61.5 billion as of today. The total net assets stand at $149.66 billion, representing roughly 6.7% of the tokens’ total supply.
SpaceX’s Bitcoin holding strategy mimics the broad ecosystem trend of large corporations integrating BTC and other digital assets into their treasury strategies. Examples such as Strategy and Marathon Digital firms view BTC as a reserve asset that can be incorporated into a company’s financial strategy as an investment alternative.
For now, it remains speculative whether the aerospace engineering firm will remain committed to long-term holding and whether the current movement will maintain significant exposure while optimizing custody and compliance structures.
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