Elon Musk's space company, SpaceX, moved 281 Bitcoin (approximately $31 million) to a new address on the night of October 29th. This was the company's fifth Bitcoin transfer this month. According to blockchain analysis platform Lookonchain, SpaceX moved a total of 4,337 BTC (approximately $471 million) throughout October. Data shows the transfers were made through Coinbase Prime.
SpaceX made several Bitcoin transactions
On October 21st, SpaceX moved 2,495 BTC (approximately $268 million) in two separate transactions. This was the first transaction tracked since late July. At the time, analysts believed the company was simply reorganizing its wallets, as similar transactions in the past had been linked to storage addresses labeled Coinbase Prime.
On October 24th, SpaceX moved another 1,561 BTC (approximately $172 million) in two transactions. In the last two transactions, funds were transferred from older Bitcoin addresses (legacy addresses starting with "1") to more modern formats (e.g., SegWit addresses starting with "bc1q"). Such migrations are widely preferred for security and transaction efficiency. The most current address format, Taproot ("bc1p") addresses, offer significant advantages in terms of privacy and transaction cost on the Bitcoin network.
SpaceX's Bitcoin adventure first began in the summer of 2021, when Elon Musk confirmed that Tesla and SpaceX owned Bitcoin. However, by the end of 2022, it was claimed that SpaceX had sold off approximately 70% of its assets. At that time, the collapse of the Terra ecosystem, the FTX bankruptcy, and the general panic in the markets led many institutional investors to reduce their positions.
Blockchain analysis firm Arkham Intelligence announced in March 2024 that a total of 8,285 BTC was held in 28 addresses believed to belong to SpaceX. According to current data, this amount has decreased to 7,258 BTC (approximately $799 million). However, analysts note that the latest transfers in October have not yet been tagged, so the figures may not be fully reflected.
A similar picture exists for Tesla. Although the company sold the majority of its Bitcoin holdings in 2022, it still holds 11,509 BTC. The current market value of this amount is approximately $1.3 billion.
SpaceX's Bitcoin movements are believed to be driven not by sales, but by strengthening its corporate wallet infrastructure. The company's switch to new-format addresses is considered a logical move for both security and accounting purposes. However, the market speculation generated by these transfers serves as a reminder that Elon Musk's companies continue to exert a strong influence on Bitcoin.
