As its third major move in ten days, SpaceX has transferred about 281 BTC (~$31.28 million) to a new wallet, renewing discussion over how much Bitcoin Elon Musk’s companies still hold.
Key Takeaways:
- SpaceX shifted 281 BTC (≈ $31.28 million) to a new wallet in its third large transfer this month.
- On-chain data suggests the move is related to custody restructuring, not an immediate sell-off.
- SpaceX’s remaining holdings are estimated at 6,970 BTC (~$770 million), while Tesla retains around 11,500 BTC.
Earlier today, October 30, Blockchain trackers reported that SpaceX transferred 281 BTC, valued at roughly $31.28 million, to a new crypto wallet. The transfer marks the company’s third major Bitcoin transaction in ten days, following earlier transfers of $268.5 million and $133.7 million in BTC. Well-known on-chain tracker Lookonchain flagged the transaction, emphasizing that the company has “moved their BTC holdings three times” in the past ten days.
The repeated movement of funds has drawn attention from on-chain analysts and crypto observers, with many speculating whether SpaceX is shifting assets for strategic reasons or preparing for future liquidity events. However, several analysts have clarified that these transfers likely stem from custody or internal wallet restructuring rather than an intent to sell.
Meanwhile, Blockchain.news noted that that the funds were not transferred directly to any crypto exchange address, which is an indication that the Bitcoin is not being offloaded to the market. Rather, these transactions appear to be part of an internal reorganization, possibly linked to new custody providers or enhanced security measures.
Comparing SpaceX and Tesla’s Bitcoin Strategies
The movement also rekindles comparisons to Tesla’s own Bitcoin history. The electric carmaker famously purchased $1.5 billion worth of Bitcoin in 2021, briefly pushing institutional adoption of the cryptocurrency into mainstream headlines. Tesla once held about 43,000 BTC but later sold most of it during 2022’s crypto market downturn, retaining around 11,500 BTC according to the most recent financial disclosures.
For SpaceX, the firm’s Bitcoin holdings are now estimated at 6,970 BTC worth about $770 million at current prices. Despite periodic transfers, no signs point to an overall reduction in holdings, suggesting that Musk’s space company continues to maintain significant exposure to the world’s leading cryptocurrency.
No Market Reaction Seen Amid Large BTC Transfer
Despite the massive BTC transfer by SpaceX, the broader crypto market has not seen any noticeable reaction, particularly to the Bitcoin market. At the time of writing, Bitcoin (BTC) is trading at approximately $109,975, down 2**.7%** over the past 24 hours. However, the token logged intraday highs near $113,536 and intraday low around $108,201, showing signs of volatility. But analysts note that this was due to the recent Trump-Xi meeting, rather than the SpaceX’s BTC transfer.
Traders have noted that the funds’ destination addresses remain untagged and are not associated with major crypto exchanges. This has led to a consensus that the transfers are neutral in market impact, at least for now.
What’s Next?
Market participants are closely monitoring SpaceX’s wallet addresses for further movement. If any of the transferred Bitcoin eventually flows to exchange-linked wallets, that could suggest a potential sell-off. Conversely, continued wallet consolidation would reinforce the theory of internal restructuring.
Additionally, statements from Musk or corporate disclosures from either Tesla or SpaceX could shed light on their updated digital asset positions. Any clarification could significantly influence short-term sentiment among investors tracking corporate crypto exposure.
Summary
SpaceX moved 281 BTC (~$31.28M) to a new wallet in its third large transfer in ten days; on-chain signals point to custody or internal restructuring rather than an immediate market sell-off, and the broader crypto market showed no clear reaction.
