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Elon Musk’s SpaceX transferred Bitcoin worth $268.5 million, its first since since July, sparking speculation about the strategy behind the move.
On-chain data from Arkham Intelligence shows that the company moved a total of 2,495 BTC to two wallet addresses that remained unmarked. 1,298 BTC was sent to the address “bc1qj7enhu6…,” while another 1,197 BTC was transferred to the address “bc1qq7872pz…”
As of 6:43 a.m. EST, the wallets had not moved or sold the BTC.
Latest Bitcoin Transfers Seen As A Wallet Reorganization
While the reason for the recent transfers remains unclear, some analysts believe that the transactions were just part of a wallet reorganization.
Crypto analyst Aunt Ai (ai_9684xtpa) is among the analysts that believe the transactions might not be a sign that SpaceX is looking to sell its Bitcoin.
SpaceX 时隔三个月再次转出价值 2.68 亿美元的 $BTC
其中 1187 枚 BTC 已转移至地址 bc1qq…4sduw，1208 枚转移至地址 bc1qj7…6kqef，目前两个接收地址都暂未转移或卖出
不过需要注意的是：七月时 SpaceX 的突发转账，其接收地址已被 Arkham 标记为 Coinbase Prime Custody… https://t.co/ZerD9mJcSB pic.twitter.com/D0L2mnLEOa
— Ai 姨 (@ai_9684xtpa) October 21, 2025
The analyst also noted that past transactions by SpaceX were to a custody address on Coinbase Prime.
Bitcoin’s price slid over 1% in the past 24 hours amid a broad crypto market correction of over 2%.
SpaceX Has Dumped Bitcoin In The Past
SpaceX started acquiring Bitcoin back in 2021, but sold around 70% of its holdings in the middle of 2022, around the same time as the Terra Luna collapse and the FTX implosion.
Since then, SpaceX has kept a steady 8,285 BTC on its balance sheet, which is worth more than $900.6 million at current prices.
Musk’s electric vehicle manufacturing company Tesla also holds BTC on its balance sheet.
Top 20 corporate BTC holders (Source: Bitcoin Treasuries)
According to data from Bitcoin Treasuries, Tesla holds 11,509 BTC. This ranks it as the eleventh-biggest BTC treasury firm globally. It also places it one position below US crypto exchange Coinbase, with its 11,776 BTC, and one position above crypto mining firm Hut 8 and its 10,667 BTC.
Meanwhile, Arkham Intelligence shows that Tesla’s BTC holdings are worth more than $1.247 billion. Unlike SpaceX, the electric vehicle manufacturer’s last Bitcoin transaction was around 9 months ago.
Musk Says Bitcoin Can’t Be Faked Like Fiat
Over the years, Musk has gone out of his way to avoid being drawn into discussions about Bitcoin.
During an online chat over a year ago, he waved away ARK Invest’s CEO Cathie Wood when she tried to bring up the subject. Musk also kept his distance from US President Donald Trump’s plans regarding crypto.
But he recently responded to a post on X from news site Zerohedge, when it pontificated on why gold, silver and Bitcoin are at or near record highs.
The money is not the problem: AI is the new global arms race, and capex will eventually be funded by governments (US and China). If you want to know why gold/silver/bitcoin is soaring, it’s the “debasement” to fund the AI arms race.
But you can’t print energy https://t.co/qwdD8QbVON
— zerohedge (@zerohedge) October 14, 2025
“If you want to know why gold/silver/bitcoin is soaring, it’s the “debasement” to fund the AI arms race,” it said, concluding by saying that energy is more valuable than money because “you can’t print energy.”
“That is why Bitcoin is based on energy: you can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy,” Musk said.
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