SpaceX Transfers $133 Million in Bitcoin: Sale or Internal Reorganization?

According to blockchain analytics firm Arkham Intelligence, Elon Musk’s Space Exploration Technologies Corp. (SpaceX) transacted over $133 million in Bitcoin on Friday (October 24), marking the company’s second major move in less than a week.

 

Wallets linked to SpaceX transferred a total of 1,215 Bitcoins to different wallet addresses on Friday.

 

The analytics firm posted: “SpaceX transferred a total of $133.7 million. They moved 300 Bitcoins ($33 million) and 915 Bitcoins ($100.7 million) to new wallets.”

 

Notably, just three days earlier, SpaceX made another crypto transfer, moving ~$268 million in Bitcoin—its first large-scale digital asset movement since July, drawing attention to its cryptocurrency strategy.

Internal Reorganization or Sale?

Based on Arkham’s latest data, after the transfer, SpaceX currently holds ~6,970 Bitcoins (~$770 million).

 

Looking back to 2022, the aerospace company held as many as 25,000 Bitcoins, meaning it has since reduced its holdings by over 70%.

 

It remains unclear why the company moved these funds or if it intends to sell some of its Bitcoin. However, large movements from major institutions like SpaceX often spark speculation of impending sales, prompting traders to adopt more cautious stances.

 

Some analysts believe these transfers are more likely internal reorganizations rather than sales, with the company consolidating its Bitcoin holdings and migrating old wallet addresses to newer, more secure ones.

 

Arkham’s on-chain data shows the transfer occurred when Bitcoin traded near $111,200. Within hours, Bitcoin briefly dipped to $109,938 before recovering to ~$110,917 as of this writing.

Tesla and Bitcoin

Another Musk company, Tesla, is closely tied to Bitcoin. Tesla currently holds 11,509 Bitcoins worth over $1.27 billion, ranking as the world’s 11th-largest corporate Bitcoin holder.

 

In October 2024, Tesla transferred ~$765 million in Bitcoin to new wallets, with no on-chain activity since.  

 

Earlier this year, Tesla revalued its assets under new accounting rules, booking over $600 million in quarterly profits amid rising Bitcoin prices.

 

Clearly, regardless of cryptocurrency price swings, Musk’s business empire quietly maintains a dominant position in the global crypto space, bolstered by these two companies.