SpaceX Adjusts Bitcoin Storage Strategy as It Prepares for Historic Public Offering

SpaceX carried out another large onchain transfer this week, moving just over 1,000 BTC - part of a months-long pattern analysts say points to internal wallet restructuring rather than market activity.

The latest transaction brings this year’s total to nearly 9,000 BTC shifted through Coinbase Prime, according to blockchain analysts tracking the firm.

Wednesday’s transfer split the funds between two new addresses, with 614 BTC sent to one and 407 BTC to another. Though SpaceX has not commented publicly, analysts note that these movements follow a consistent pattern: older Bitcoin addresses are being retired in favor of newer SegWit and Taproot formats, which offer lower fees and improved security. The process appears to include both transitions away from legacy “1” addresses and consolidation among newer “bc1q” formats.

SpaceX’s Bitcoin involvement dates back to 2021, when Elon Musk confirmed that both Tesla and SpaceX held the asset. The company reportedly sold a significant portion of its stack in 2022 during one of crypto’s most turbulent years – marked by the Terra collapse, FTX’s failure, and widespread contagion.

Tracking firm Arkham first identified SpaceX-linked addresses in 2024 and attributed 8,285 BTC to the company. Its dashboard now shows roughly 3,991 BTC, but analysts caution that the lower figure likely reflects incomplete labeling following the recent transfers rather than actual divestment. BitcoinTreasuries.net still lists SpaceX at its earlier holdings.

SpaceX’s crypto movements come at a pivotal moment for the company. Bloomberg reports that the firm plans to go public in 2026, aiming to raise more than $30 billion at a valuation near $1.5 trillion – a figure that would rival the scale of Saudi Aramco’s historic 2019 listing. Advisors are reportedly targeting a mid-to-late-2026 debut, though the timeline could slip into 2027 depending on conditions.

Tesla, which also cut its Bitcoin exposure in 2022, currently holds approximately 11,509 BTC worth about $1.24 billion.
As SpaceX moves closer to the largest potential IPO in history, its ongoing wallet reorganizations suggest the company is tightening operational controls – a move analysts say is common for firms preparing for intensified regulatory scrutiny and public-market transparency.