SpaceX Transfers $260M in Bitcoin to Unknown Wallets, First Transfer Since July

Highlights:

• SpaceX shifted 2,395 Bitcoin into two separate wallets.
• Analysts believe this transfer might simply be an internal wallet adjustment.
• Despite past sales, SpaceX and Tesla still control billions in Bitcoin.

SpaceX, the aerospace company founded by Elon Musk, moved 2,395 BTC worth about $260 million in Bitcoin (BTC) to two unidentified addresses on Tuesday, according to on-chain data from Arkham Intelligence. This is the first time SpaceX has moved its Bitcoin holdings since July 24. In that month, the company transferred 1,308 BTC, valued at around $153 million, to Coinbase Prime wallets.

A total of 1,187 BTC were sent to an address beginning with “bc1qq,” while 1,208 BTC went to an address starting with “bc1qj7.” The funds currently remain in these wallets, with no further transfers or sales reported. The two unmarked wallets could belong to SpaceX, even though Arkham Intelligence hasn’t labeled them. 

The reason for this Bitcoin movement has not been publicly shared by the company. However, on-chain analyst Ai Yi, who highlighted the two transfers using data from Arkham Intelligence, said in a post that the move could be just a normal wallet reorganization. He noted this because the company paid a transfer fee to Coinbase Prime just minutes before the transactions happened. It is widely known that SpaceX’s Bitcoin holdings are currently stored with Coinbase Prime.

SpaceX 时隔三个月再次转出价值 2.68 亿美元的 $BTC

其中 1187 枚 BTC 已转移至地址 bc1qq…4sduw，1208 枚转移至地址 bc1qj7…6kqef，目前两个接收地址都暂未转移或卖出

不过需要注意的是：七月时 SpaceX 的突发转账，其接收地址已被 Arkham 标记为 Coinbase Prime Custody… https://t.co/ZerD9mJcSB pic.twitter.com/D0L2mnLEOa

— Ai 姨 (@ai_9684xtpa) October 21, 2025

SpaceX and Tesla Hold Over $2 Billion in Bitcoin Despite Past Sell-Offs

Around the middle of 2022, SpaceX is said to have sold about 70% of its Bitcoin holdings. This move may have been triggered by major market events, including the Terra-Luna collapse in May, the FTX failure in November, and the chain reaction that followed. Arkham data shows the company has not added any new Bitcoin since that time.

Even with the recent transfer that drew investor attention, SpaceX still holds around 8,285 BTC in its known wallets, valued at over $898.32 million. Tesla, another company owned by Elon Musk, had bought a large amount of Bitcoin but sold 75% of its 38,747 BTC in 2022 at a loss. Currently, Tesla ranks 11th among the largest corporate Bitcoin holders, keeping 11,509 BTC. Its total Bitcoin holdings are worth about $1.241 billion today. Together, these companies have one of the biggest corporate Bitcoin treasuries in the world.

Bitcoin Falls Below $109K as ETFs See Outflows

The transfer occurs as Bitcoin’s price slips below $109,000 amid the ongoing U.S.–China trade tensions, which are putting pressure on global markets. The uncertainty has led investors to adopt a more cautious, risk-averse approach. At present, Bitcoin is trading around $108,524, down 1%, reflecting a 1% fall in the past 24 hours. Trading activity has increased by 1.81%, with total volume reaching over $62 billion. 

This market backdrop also affected U.S. spot Bitcoin exchange-traded funds (ETFs). On Monday, they recorded $40.5 million in net outflows, extending a streak of four consecutive days of negative flows. BlackRock’s iShares Bitcoin Trust (IBIT) was the only fund with outflows, seeing $100.7 million exit, according to SoSoValue. The losses were partially offset by inflows into five ETFs managed by Fidelity, Grayscale, Bitwise, VanEck, and Invesco.

On October 20, Ethereum spot ETFs recorded a total net outflow of $146 million, marking the third consecutive day of outflows. Bitcoin spot ETFs saw a total net outflow of $40.47 million, extending their four-day streak of withdrawals.
https://t.co/Tvs2oCSxTg pic.twitter.com/EiXVJBKLbK

— Wu Blockchain (@WuBlockchain) October 21, 2025