SpaceX Transfers Another $31 Million in Bitcoin Amid Custody Restructuring

Elon Musk’s SpaceX has transferred another 281 BTC (around $31.3 million) on October 29, marking its fifth major Bitcoin transaction this month.

Analysts from Lookonchain, citing Arkham Intelligence data, suggest the company is likely reorganizing or consolidating its crypto holdings under institutional custody.

All five transfers – totaling 4,337 BTC (roughly $471.7 million) – were executed through Coinbase Prime, a platform commonly used by corporations and funds for secure digital asset storage.

The latest activity follows SpaceX’s earlier movements this month. On October 21, the company shifted 2,495 BTC ($268.5 million) in two separate transactions – its first since July. Three days later, it moved another 1,561 BTC ($171.9 million). Most of these transfers appear to involve reallocation from older Bitcoin address formats to newer, more efficient ones such as SegWit (bc1q) and Taproot (bc1p), indicating a technical update rather than a sell-off.

Read More:

German Opposition Sparks Debate Over Bitcoin as Strategic Asset

SpaceX’s crypto exposure has drawn interest since Elon Musk confirmed in 2021 that both SpaceX and Tesla hold Bitcoin. However, by late 2022, SpaceX had reportedly reduced its holdings by about 70%, likely influenced by the broader market downturn following the collapse of Terra and FTX.

Arkham’s most recent tracking from March 2024 identified 8,285 BTC across 28 addresses linked to SpaceX. That figure now stands at 7,258 BTC – worth roughly $799 million – though some recent transactions may not yet be reflected in the data. Approximately 1,027 BTC from October’s movements have not been relabeled as Coinbase Prime deposits, suggesting updates may still be pending.
Tesla, meanwhile, continues to hold 11,509 BTC (worth about $1.3 billion), having sold a large portion of its holdings during 2022’s bear market.

SpaceX’s ongoing transfers appear less about liquidation and more about modernizing custody structures – a sign that the company remains engaged in the crypto space while optimizing its asset management strategy.