Elon Musk’s SpaceX Quietly Shifts $257M in Bitcoin – Is a Massive Sell-Off Coming?

Elon Musk’s SpaceX has once again stirred speculation in the crypto world after two company-linked wallets moved roughly $257 million in Bitcoin, marking its second major onchain activity in three months.

Blockchain analytics firm Nansen traced the transfers to two known SpaceX wallets, which sent $130 million and $127 million in Bitcoin to new, inactive addresses on Tuesday. So far, none of the receiving wallets have offloaded the funds, and the company has not issued any statement explaining the move.

The transactions follow SpaceX’s $153 million Bitcoin transfer in July, its first since 2022, prompting renewed curiosity about whether the firm could be restructuring or preparing to liquidate part of its holdings.
A Complicated History with Bitcoin

SpaceX first revealed its Bitcoin ownership in 2021, around the same time Musk’s electric vehicle company Tesla purchased $1.5 billion worth of BTC. While Musk has repeatedly praised Bitcoin’s “energy-backed” monetary model, Tesla’s decision that same year to suspend BTC payments over environmental concerns triggered a market dip, with prices falling 6% in just an hour.

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Although Tesla continues to hold most of its Bitcoin, it has yet to resume crypto payments – something Musk once said would happen once mining reached more sustainable energy levels.

The renewed scrutiny of SpaceX’s Bitcoin holdings comes as the company faces mounting competition and financial strain. NASA announced plans to open its moon lander contract to additional bidders, citing delays in SpaceX’s Starship program. Acting administrator Sean Duffy said the agency “needs the best company to land on the moon quickly,” as rivals Blue Origin and Lockheed Martin prepare to challenge Musk’s firm for the multibillion-dollar project.