Elon Musk’s SpaceX Just Moved More of Its $894 Million Bitcoin Holdings

In brief

SpaceX made another Bitcoin transfer on Wednesday, per on-chain data from Arkham.
Elon Musk's company has not yet commented on its recent flurry of Bitcoin transfers.
The company holds $894 million worth of Bitcoin, making it the fourth-largest among private corporate BTC treasuries.

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SpaceX, the privately held aerospace company led by tech billionaire Elon Musk, made another Bitcoin transfer on Wednesday, continuing a recent flurry of moves.

According to on-chain data tracked by Arkham Intelligence, the company moved 281 Bitcoin (over $31 million worth) from Coinbase Prime custody to a fresh wallet. It’s unclear whether the company is simply changing its storage scheme, gearing up to sell the funds, or plans to use the Bitcoin in some other way.

Decrypt reached out to SpaceX for comment about the moves, but did not immediately receive a response.

The latest move comes following numerous transfers last week, which saw hundreds of millions of dollars transferred from wallets connected to SpaceX. Prior to a move three months ago, SpaceX hadn’t touched its holdings in three years.

Assuming it hasn’t sold any Bitcoin yet, SpaceX holds 8,285 BTC—$894 million worth—making it the fourth largest privately held corporate Bitcoin treasury, per data from bitcointreasuries.net. The aerospace company once held 25,000 BTC in 2022 before reducing its position to 8,285 BTC by June that year.

Elon Musk’s electric car company Tesla maintains 11,509 BTC worth over $1.24 billion, ranking just outside the top 10 publicly traded companies with Bitcoin treasuries.

Earlier this year, Tesla benefited from new accounting rules that allowed it to revalue its holdings, booking over $600 million in quarterly profits as Bitcoin prices rose following President Trump's election.

Tesla's last on-chain activity occurred in October 2024, when it transferred its holdings to new wallets—and similarly did not comment on why.