TLDR
- SpaceX transferred 281 Bitcoin ($31.33 million) to a new wallet on October 30, marking its third major Bitcoin movement in 10 days
- The company has moved approximately $450 million in Bitcoin total across the three transfers, with analysts suggesting custody management as the likely reason
- SpaceX currently holds 7,258 BTC worth around $791 million, while Tesla holds 11,509 BTC valued at $1.25 billion
- The transfers occurred after Elon Musk praised Bitcoin’s energy basis on October 14, his first mention of BTC in years
- Bitcoin price dropped over 2% to $108,000 following the transfers and Fed Chair Jerome Powell’s comments about uncertain December rate cuts
SpaceX transferred 281 Bitcoin worth $31.33 million to a new wallet on October 30, 2025. This marks the third large Bitcoin movement by Elon Musk’s space exploration company in just 10 days.
Blockchain analytics firm Arkham Intelligence tracked the transaction. The data showed 1,207 BTC moved from SpaceX’s wallet, with 281 BTC going to a new address and other portions sent to Coinbase Prime.
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
On-chain analyst Lookonchain reported the latest transfer went to a different wallet than previous movements. The analyst suggested the move was likely for custody purposes.
SpaceX has now moved approximately $450 million in Bitcoin across three transfers. The company previously transferred $133.7 million and $268 million in earlier transactions this month.
The timing of these transfers has caught attention in the crypto community. They came after Elon Musk mentioned Bitcoin on October 14 for the first time in years.
Musk praised Bitcoin’s energy basis during his recent comments. This represented a shift from his previous criticism of Bitcoin’s energy consumption.
Current Holdings Across Musk Companies
SpaceX currently holds 7,258 Bitcoin tokens valued at approximately $790.95 million according to Arkham Intelligence. Tesla, another Musk company, holds 11,509 BTC worth $1.25 billion.
Combined, the two companies hold Bitcoin worth $2.04 billion. This makes them among the largest institutional Bitcoin holders globally.
Both portfolios have declined in value due to recent market conditions. However, the companies maintain their positions in the cryptocurrency.
Some crypto community members speculated about the purpose of the repeated transfers. One user commented that three transfers in 10 days suggests more than simple custody management.
BlockTempo raised the possibility of preparation for partial liquidations. SpaceX has not released any official statements about the transfers or their purpose.
Bitcoin Price Movement
Bitcoin’s price fell more than 2% to $108,000 following the SpaceX transfer and comments from Federal Reserve Chair Jerome Powell. Powell’s remarks about an uncertain December rate cut affected market sentiment.
The cryptocurrency dropped over 4% in 24 hours. The 24-hour trading range showed a low of $108,097 and a high of $113,642.
Trading volume remained flat during this period. This suggests traders are taking a cautious approach to the market.
SpaceX reduced its Bitcoin holdings by around 70% in 2022. That reduction followed the Terra-Luna crisis and FTX collapse.
Musk stated in recent comments that Bitcoin’s reliance on energy sets it apart from government-issued currency. He positioned the cryptocurrency as less vulnerable to manipulation than fiat money.
