SpaceX conducted another large Bitcoin transfer this week, moving 1,021 BTC worth roughly $95 million to two unlabeled addresses. The activity extends a pattern of onchain movements that analysts attribute to custody consolidation and the migration of funds from older wallet formats to modern address types. Arkham data indicates the transactions were processed through Coinbase Prime, consistent with institutional custody workflows.
The new transfer marks the ninth such movement this year and the second in December, bringing total recent activity to about 8,910 BTC. Analysts note that SpaceX has routinely shifted balances away from legacy Pay-to-PubKey-Hash addresses toward SegWit and Taproot formats, aligning with the broader industry transition to more efficient and secure address structures. Some of the latest movements also appear to reflect further internal consolidation among the company’s newer wallets.
Bitcoin Management Trends
Musk confirmed in 2021 that both Tesla and SpaceX held Bitcoin, with SpaceX later trimming its position during the sector’s sharp downturn in 2022. That period included major market dislocations tied to the Terra-Luna collapse and the failure of several centralized platforms, contributing to a more defensive approach to digital asset exposure at many corporations.
Arkham identified approximately 8,285 BTC across 28 SpaceX-linked addresses in 2024. Its current visible tally stands at about 3,991 BTC, though the reduction likely reflects incomplete labeling of newly consolidated addresses. Industry trackers such as Bitcoin Treasuries continue to show the higher figure, underscoring the uncertainty that often accompanies third-party mapping of large institutional wallets.
Tesla underwent a similar retrenchment in 2022, selling a substantial portion of its holdings during the period of acute volatility. It now holds 11,509 BTC, valued at approximately $1.24 billion based on recent market prices, according to Arkham data. The combined activity across both firms highlights a continuing institutional reassessment of operational security, liquidity needs, and treasury management practices as the digital asset market matures.
IPO Plans Shape Corporate Positioning
The onchain movements come as SpaceX advances toward a potential initial public offering. Bloomberg reported this week that the company aims to raise more than $30 billion at a valuation of about $1.5 trillion. Such a valuation would place SpaceX near the scale of Saudi Aramco’s landmark 2019 listing, which remains one of the largest IPOs in history.
People familiar with the matter indicated that SpaceX is targeting a mid-to-late 2026 debut, though the timeline could shift with market conditions. A move into 2027 remains possible if capital markets weaken or regulatory considerations extend the runway. For now, the company’s tightening of its Bitcoin custody architecture may reflect a broader effort to streamline corporate governance, enhance transparency, and prepare for the heightened scrutiny that accompanies public market entry.