SpaceX transfers another US$31 million in bitcoin to a new wallet.
- SpaceX moves 281 BTC in new custody reorganization.
- More than 4.300 BTC transferred by the company in October.
- Transactions suggest SpaceX is consolidating its bitcoin reserves.
SpaceX, Elon Musk's aerospace company, transferred 281 BTC — valued at approximately US$31,3 million — to a new address on October 29, according to... Arkham data Analyzed by Lookonchain. The transaction represents the fifth transfer recorded this month, totaling 4.337 BTC (US$ 471,7 million).
SpaceX @SpaceX ) just transferred another 281 $ BTC ($31.28M) to a new wallet — likely for custody purposes.
In the past 10 days, #SpaceX has moved their BTC holdings three times. https://t.co/zW62EKM2RD pic.twitter.com/XstZgyryOA
— Lookonchain (@lookonchain) October 30, 2025
According to analysts, the transactions occurred through Coinbase Prime, an institutional custody platform, and indicate a likely process of wallet consolidation and address updates. Some of the bitcoins were moved from older Pay-to-PubKey-Hash (P2PKH) addresses, which begin with "1", to more modern SegWit and Taproot formats, with prefixes "bc1q" and "bc1p".
On October 21, the company had already transferred 2.495 BTC, equivalent to US$268,5 million, in two transactions. Three days later, on October 24, another 1.561 BTC (US$171,9 million) were transferred in additional movements, reinforcing the pattern of custody reorganization. The latest operations appear to consolidate updated addresses, a common move among institutions that hold large amounts of bitcoin and seek greater security and on-chain traceability.
Arkham currently tracks 7.258 BTC belonging to SpaceX, valued at approximately US$799 million. This amount represents a reduction from the 8.285 BTC identified in March 2024, suggesting that some of the funds may have been reallocated or have not yet been reclassified to new addresses.
SpaceX began accumulating bitcoin in 2021, when Musk confirmed that both his company and Tesla had acquired the digital asset. Following the market-shaking events of 2022—such as the collapse of the Terra ecosystem and the bankruptcy of FTX—SpaceX reportedly reduced its reserves by about 70%.
Meanwhile, Tesla held 11.509 BTC on its balance sheet, valued at $1,3 billion, according to recent data from Arkham. The October moves reinforce SpaceX's strategy of modernizing its cryptocurrency custody infrastructure, possibly preparing for new bitcoin appreciation cycles and more robust governance practices for its digital assets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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