SpaceX transferred 1,163 Bitcoin (BTC) worth approximately $105 million to a new digital wallet in the early Asian trading hours on November 27. Blockchain data providers indicate the receiving address is likely tied to Coinbase Prime, an institutional custody solution. This transaction continues a pattern of major on-chain activity, following a similar move of 1,215 BTC in October.
The transfer reduces SpaceX’s on-chain holdings to 6,095 BTC. The wallet had been dormant for three years until July 2025, and the current balance is down from a peak of around 25,000 BTC in 2022. The firm has not issued a public statement, leaving the exact motive for the recent transfers unconfirmed by the company.
Market analysts broadly view these transactions as an internal custody reorganization, potentially for enhanced security or asset consolidation, rather than a liquidation. Both the new receiving wallets from the recent transfers show no immediate outgoing movements or exchange interactions. Meanwhile, another Elon Musk-owned company, Tesla, maintains a significant treasury position of 11,509 BTC.
