SpaceX Transfers $31M in Latest Bitcoin Wallet Reshuffle

SpaceX, an aerospace company led by billionaire Elon Musk, has once again transferred 281 Bitcoin (BTC) worth about $31.3 million. 

The move, identified by on-chain analysts at Lookonchain using Arkham data, marks the fifth major Bitcoin transfer by the company this month. 

SpaceX Moves Over $470M in Bitcoin for Wallet Reorganization

With this latest move, the company’s total Bitcoin transfers for October have reached 4,337 BTC, worth about $471.7 million. The activity began on October 21, when SpaceX transferred 2,495 BTC, around $268.5 million, across two transactions. 

Analysts described these moves as likely an internal wallet reorganization rather than market sales. Just three days later, on October 24, another 1,561 BTC, valued at $171.9 million, were moved in two additional transfers. 

All these transactions seem to have gone through Coinbase Prime. The repeated transactions suggest an ongoing consolidation of SpaceX’s digital assets rather than a liquidation.

SpaceX Upgrades Its Bitcoin Storage as Tesla Holds Steady

The latest transfers show that SpaceX is making some technical changes in how it manages and protects its crypto assets. The company seems to be moving funds from older Bitcoin addresses to newer ones called SegWit and Taproot. These modern address types make transactions faster, cheaper, and more secure.

Experts also note that these newer address formats are easier to use for big companies like Coinbase Prime that handle large amounts of Bitcoin. While SpaceX is busy reorganizing its Bitcoin holdings, Elon Musk’s Tesla Inc., has not made many changes since it sold a large part of its Bitcoin in 2022. 

A recent report shows that the electric vehicle giant made a whopping $80 million profit from its Bitcoin holdings in the third quarter of 2025. According to Arkham data, Tesla now holds about 11,509 BTC, worth roughly $1.3 billion.

SpaceX Reduces Its BTC Holdings but Keeps Restructuring

In July 2021, Elon Musk confirmed that both Tesla and SpaceX held the flagship crypto as part of their corporate treasury strategy. However, by the end of 2022, SpaceX reportedly reduced its Bitcoin holdings by around 70%. This reduction followed a turbulent period in the crypto market, including the collapse of the Terra ecosystem and the downfall of FTX. 

According to Arkham data, SpaceX’s Bitcoin holdings were identified in March 2024 across 28 wallets totaling 8,285 BTC.  That figure now stands at about 7,258 BTC. roughly $799 million at current market prices. 

However, analysts cautioned that some of October’s transfers may not yet be reflected in updated wallet labels. This could mean the actual total crypto holding could be higher. This comes as a report in August revealed that SpaceX also holds over $1 billion worth of Bitcoin. 

Together, SpaceX and Tesla show that Elon Musk remains involved in the crypto market, but with a more careful and structured approach.