SpaceX Moves Over $250M BTC To Two New Addresses

Data from the Arkham Intel platform shows the confirmed SpaceX entity sent 2,495 BTC, worth $257 million dollars, to two separate, unidentified wallets with no previous activity. 

The transactions occurred at the same time on the morning of the 21st October. One of the addresses - “bc1qq…” - received $128 million whilst the other address - “bc1qj…” received $138 million. The transaction hash for each of these transfers provide no clues to the nature of them. 

Interestingly, both of these transactions have an extra output each. The combined value of these outputs is exactly 100 BTC (90 BTC + 10 BTC). It may be the case that the bulk of this transaction is SpaceX wallet reorganisation but the extra 100 BTC is for a new counterparty. There is not enough information on the TXID to tell.

(To learn more about TXIDs - read our guide on how to find them, track them and understand them.)

These transactions are the first movements by the SpaceX entity since the end of July when SpaceX reorganised their wallets by moving over $300 million worth of BTC to a Coinbase Prime Custody address. 

SpaceX has yet to address the transaction or release a statement but it is likely to be a reorganisation of their digital asset custody. Reorganising wallets is a common occurrence and is often done by large holders to improve security or update the technology.

SpaceX’s Bitcoin stack, over 8k BTC, reached $1 billion in August. The company has been holding BTC since 2021, making it one of the earliest companies to hold Bitcoin as a reserve asset. 

Whilst the recent transfers are most likely wallet reorganisation, SpaceX’s crypto activity is closely watched as the company has a history of selling their BTC holdings. 

At its peak, SpaceX held 28k BTC - it has reduced its holdings by over 70%. The company offloaded two large chunks of its Bitcoin stack in May and June of 2022, during the crypto winter.

Recently, Elon Musk has made some bullish statements about Bitcoin which contrast with some of his earlier criticisms. In 2021, Musk famously said Bitcoin’s energy usage was too high. However, in 2025, Musk tweeted that ‘Bitcoin is based on energy’ which is what makes it superior to fiat currencies, which are ‘fake’, according to him.