SpaceX Bitcoin Treasury Move: Arkham Flags $105.4M Transfer

Market analysts are watching closely after a fresh spacex bitcoin transaction appeared on-chain in what could signal another strategic treasury move by Elon Musk’s space company.

What did Arkham Intelligence reveal about the latest SpaceX bitcoin move?

According to Arkham Intelligence, SpaceX transferred over $105.4 million worth of bitcoin on Wednesday, marking its largest recorded movement of BTC in months. The firm reported that the aerospace company controlled by Elon Musk still holds a sizeable treasury position in the asset despite previous sales.

Arkham’s data shows that SpaceX moved exactly 1,163 BTC at around 6:16 p.m. on Wednesday. The bitcoin was distributed to two unmarked wallets, a structure that has sparked fresh debate among on-chain analysts about the company’s underlying strategy and risk management.

Moreover, the tracking platform identified that 399 BTC was sent to the address labeled “bc1qh…galzy” and another 764 BTC went to “bc1q4…u54ez.” These destination wallets are not publicly associated with any major exchange or custodian, which adds to speculation that SpaceX could be reorganizing its internal holdings rather than liquidating on the open market.

How large are SpaceX’s current BTC holdings?

Arkham estimates that SpaceX currently controls approximately 6,095 BTC, a stash valued at around $552.9 million as of today. That figure hinges on the spot price of bitcoin, which was trading at $90,921 as of 9 p.m. on Wednesday and was up 3.14% over the past 24 hours, underscoring the continued volatility of the crypto market.

This on-chain snapshot suggests that, despite notable disposals in previous years, SpaceX remains a significant corporate holder of BTC. However, the latest transfer on Wednesday is the company’s first major move since Oct. 29, when it shifted 281 BTC to a new wallet address, again without any official explanation.

That said, Arkham’s broader dataset indicates that the primary_keyword spacex bitcoin remains concentrated in a limited cluster of wallets tied to the company. Analysts note that this clustering pattern is consistent with large institutions that use multiple addresses to manage counterparty risk, custodial arrangements, and internal accounting practices.

Is SpaceX consolidating its crypto treasury?

SpaceX’s motive for sending funds to unmarked wallets is still unclear. However, several commentators have suggested that the firm might be engaging in a crypto consolidation move, shifting BTC from older, legacy wallet addresses to newer, more secure addresses. This type of housekeeping is common among long-term holders who periodically upgrade security protocols.

Moreover, some market observers argue that the absence of known exchange deposit addresses in this transaction reduces the likelihood of immediate large-scale selling. Instead, they interpret the activity as part of a broader strategy by SpaceX to streamline its BTC custody setup as bitcoin’s price continues to rise and regulatory oversight tightens.

How does this compare with SpaceX and Tesla’s earlier bitcoin decisions?

In mid-2022, SpaceX reportedly cut its BTC exposure by roughly 70%, a decision widely linked to the market-wide shock triggered by the Terra-Luna collapse and the subsequent failure of FTX. At that time, many corporate and institutional holders reassessed their crypto risk, and SpaceX appears to have followed a similar path.

According to Arkham’s data, the company has not purchased additional BTC since that 2022 reduction, even as bitcoin has recovered sharply in 2024. However, its remaining holdings now carry a far higher dollar value due to the rally, which makes any on-chain movement instantly noteworthy for traders and analysts trying to gauge institutional sentiment.

Musk’s other flagship company, Tesla, also reshaped its bitcoin strategy in 2022. Tesla sold off the bulk of its holdings that year and today holds 11,509 BTC, worth roughly $1.05 billion at current prices, according to Arkham. That parallel trajectory between the two Musk companies continues to frame discussions around corporate adoption and risk tolerance for digital assets.

In summary, the latest $105.4 million transfer underscores that SpaceX remains a substantial bitcoin holder while offering few clues about its long-term plans. However, with 6,095 BTC still on its balance sheet and bitcoin trading near $90,921, every new movement from the company’s wallets will likely remain a focal point for on-chain investigators and market participants.