Elon Musk’s SpaceX moves Bitcoin — First major on-chain activity since July

ambcryptoPublished on 2025-10-21Last updated on 2025-10-21

Key Takeaways

What did SpaceX do with its Bitcoin holdings?

The company became active and transferred $268.5 million worth of BTC across internal wallets.

Did the move affect Bitcoin’s price?

No major volatility followed. BTC rose 3.44% in the past 12 hours to $112,340, suggesting markets viewed it as non-liquidation activity.

SpaceX has transferred roughly $268.5 million worth of Bitcoin across wallets, according to on-chain data from Arkham Intelligence.

The move is its first significant activity since July, when the company’s Bitcoin holdings moved for the first time in three years.

Arkham’s data shows that 90 BTC and 10 BTC were sent to separate addresses, while around $257.7 million worth of Bitcoin remains within SpaceX-controlled wallets.

The structure mirrors the firm’s July 2025 activity, which was widely viewed as custodial or treasury rebalancing rather than liquidation.

SpaceX’s Bitcoin portfolio

Arkham data indicates that SpaceX’s Bitcoin holdings are 5,790 BTC, valued at approximately $648.3 million. Also, the portfolio showed a 1.36% daily gain in value.

This makes SpaceX one of the largest private corporate holders of Bitcoin, alongside Tesla and Strategy.

Tesla, another of Elon Musk’s companies, currently holds over 11,500 BTC, making it the 11th largest corporate holder.

When SpaceX last moved funds in July, the transaction broke a three-year silence since 2022. At the time, blockchain analysts confirmed that no BTC was sent to exchanges. This observation appears consistent with today’s movement.

Market response

Despite the multi-million-dollar transfer, Bitcoin prices remained stable, suggesting investors interpreted the movement as routine treasury activity. 

Bitcoin daily timeframe price trend

Source: TradingView

However, the broader market showed signs of strength, with BTC rebounding 3.44% in the past 12 hours to $112,340. It has recovered from last week’s dip below $107,000.

Traders on X speculated whether the movement indicates preparations for a new custody setup or institutional collaboration.

However, most agreed it’s part of SpaceX’s ongoing portfolio management strategy.

For now, SpaceX’s on-chain posture continues to show active but unspent holdings, reinforcing its long-term alignment with Bitcoin exposure rather than short-term trading.

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