SpaceX has transferred 2,495 Bitcoin, valued at close to $268 million, to two new addresses, marking its first significant on-chain activity since July. This transaction was identified by Arkham Intelligence and various analysts, highlighting a pattern of internal treasury reorganization.
Transaction Details and Implications
On-chain data indicates that SpaceX routed the Bitcoin to two newly created wallets. Each of these wallets received approximately 1,298 BTC and 1,197 BTC, respectively. Both addresses have remained inactive since receiving the funds, suggesting a holding strategy rather than an immediate sale.
Following this transfer, SpaceX's reported Bitcoin holdings have adjusted to approximately 5,790 BTC, with a current valuation around $625 million, down from a previous total of nearly 8,285 BTC.
After 3 months, #SpaceX moved another 2,495 $BTC($268.47M) — now holding 5,790 $BTC($624.63M).https://t.co/zW62EKM2RDpic.twitter.com/EUHo8ikgTT
— Lookonchain (@lookonchain) October 21, 2025
The movement of these assets does not appear to signal liquidation. Instead, it is interpreted as a strategic move for treasury optimization or a custodial migration. Analysts observe that SpaceX's operational pattern, characterized by extended periods of dormancy followed by substantial transfers, is consistent with the internal reshuffling typical of institutional cryptocurrency holders.
The consistent total holding size and the lack of outgoing activity from the newly established wallets further support the interpretation that these actions are part of strategic custody management.
Future Observations
On-chain monitoring will continue to focus on any potential outbound movements from the two new wallets. If activity from these wallets connects to services such as Coinbase Prime Custody, it could indicate a continued institutional posture rather than speculative trading behavior.
Furthermore, analysts will be observing whether any further reallocations occur, which might suggest broader treasury restructuring initiatives at SpaceX. The company appears to be maintaining a significant exposure to Bitcoin, indicating a belief in its long-term potential.
In summary, this recent transaction by SpaceX reinforces the growing trend of "corporate-grade" Bitcoin holdings being managed with strategic intent. Such movements are often part of routine internal accounting processes rather than indicative of panic selling.