Elon Musk's space technology giant, SpaceX, made a notable move regarding its Bitcoin holdings. The company transferred 2,395 BTC, worth approximately $268 million, to two different wallets. According to data from on-chain analytics platform Arkham Intelligence, this transaction occurred just three months after a previous large transfer in July.
SpaceX mobilizes Bitcoin holdings
The transactions were made early Monday morning, with 1,187 BTC sent to the address "bc1q…4sdu" and 1,208 BTC to the address "bc1q…6kqe." Both wallets are currently dormant, meaning there is no sign of the Bitcoin being sold or transferred elsewhere.
This development has sparked a new debate about Elon Musk's Bitcoin strategy. Similar moves by SpaceX in the past have generally been related to wallet adjustments rather than selling or inciting panic. A transfer of approximately 1,300 BTC made in July 2025 was later revealed to be a Coinbase Prime Custody account transfer. Experts suggest that the latest transaction may have been a similar internal restructuring.
Crypto analysts note that institutional Bitcoin holders like SpaceX occasionally move their assets to different wallets as part of security and custody regulations. Such "cold wallet" transfers are carried out in accordance with multi-signature systems and risk management policies. However, the fact that the transfer occurred at a time when the Bitcoin price had fallen to $107,000 has attracted investor attention.
Crypto market prices are declining
The market is currently under general selling pressure, with many large investors closing positions or shorting to limit losses. Therefore, some investors interpreted SpaceX's move as a potential sell-off. However, current data indicates that the transferred BTC remains untouched.
According to Arkham Intelligence data, SpaceX's total Bitcoin reserves stand at 8,285 BTC. The current value of this amount is approximately $894 million. When Tesla's 11,509 BTC holdings are factored in, the total Bitcoin holdings of companies linked to Elon Musk exceed $1.24 billion.
As you may recall, SpaceX reduced its Bitcoin reserves by approximately 70% following the Terra-Luna crash and the FTX bankruptcy in 2022. It is known that it has not made any new purchases since then. Therefore, the latest move may be a security-focused restructuring rather than a sell signal.
In short, SpaceX's $268 million transfer has not yet created any selling pressure in the market. The current price declines are being linked to tensions between the US and China. As previously reported, Bitcoin has retreated to the $107,500 level. Markets are awaiting US President Donald Trump's meeting with Xi Jinping, the end of the US government shutdown, and upcoming data.
