SpaceX Moves Bitcoin for First Time in Six Months, But On-Chain Data Shows No Signs of Selling

According to monitoring by Arkham Intelligence, SpaceX recently engaged in Bitcoin wallet activity for the first time in approximately six months. However, the transfers were extremely small in scale, and no BTC was sent to exchange addresses, indicating the company is not selling its Bitcoin holdings.

Data shows that three transactions occurred from wallets associated with SpaceX. The largest transfer was 0.00213 BTC, worth approximately $135, while another involved 0.00139 BTC, valued at around $89. Additionally, Coinbase Prime's custody service replenished an address linked to SpaceX with 0.000738 BTC, worth about $47, likely to cover on-chain transaction fees.

SpaceX currently holds approximately 18,712 BTC, with a total value of around $1.16 billion. Analysts suggest that such small-scale transfers are typically wallet maintenance operations, such as topping up gas fees, consolidating address funds, or testing signature processes, rather than typical asset liquidation activity.

SpaceX completed its public listing on June 12, becoming one of the largest IPOs in history, and disclosed its Bitcoin holdings for the first time in public filings. Previously, Arkham Intelligence could only trace approximately 8,285 BTC to SpaceX, but the company's disclosed holdings of 18,712 BTC are more than double the amount previously identified on-chain. According to the disclosure, SpaceX's purchased Bitcoin cost approximately $661 million, with an average cost of around $35,000 per BTC.

About six to seven months ago, SpaceX wallets conducted larger-scale transfers, moving roughly 1,000 BTC in batches between its own wallets and the Coinbase Prime custody address, but again without sending funds to exchanges.

Currently, Elon Musk's SpaceX and Tesla together hold over 30,000 BTC. Market consensus suggests that only if SpaceX were to transfer Bitcoin to known exchange deposit addresses in the future would it likely signal a potential adjustment to its BTC treasury strategy or potential sale. (CoinDesk)