SpaceX has transferred 2,495 Bitcoin, valued at close to $268 million, to two new addresses, its first major on-chain activity since July. The transaction was flagged by Arkham Intelligence and multiple analysts, underscoring a pattern of internal treasury reorganisation.
What happened?
On-chain data show SpaceX routing the BTC to two fresh wallets, receiving around 1,298 BTC and 1,197 BTC respectively. Both have remained dormant since, suggesting a hold rather than a sale.
Post-transfer, SpaceX continues to hold approximately 5,790 BTC, roughly valued at $625 million, adjusting from a previous level near 8,285 BTC.
After 3 months, #SpaceX moved another 2,495 $BTC($268.47M) — now holding 5,790 $BTC($624.63M).https://t.co/zW62EKM2RD pic.twitter.com/EUHo8ikgTT
— Lookonchain (@lookonchain) October 21, 2025
Rather than signalling liquidation, the move appears to reflect treasury optimisation or custodial migration. Analysts note that SpaceX’s pattern, lengthy dormancy followed by large transfers, mirrors typical internal reshuffling seen in institutional-grade crypto holders.
The unchanged holding size and lack of outgoing activity from the new wallets reinforce the interpretation of strategic custody management.
What to watch next
On-chain monitoring will focus on any outbound movement from the two new wallets.
If the activity ties to a service like Coinbase Prime Custody, it could signal institutional posture rather than speculative behaviour.
Analysts will also track whether further re-allocation occurs, hinting at broader treasury restructuring at SpaceX, a company clearly maintaining significant exposure to Bitcoin’s long-term potential.
In short, this move by SpaceX reinforces the growing footprint of “corporate-grade” Bitcoin holdings being managed with strategic intent, during routine internal accounting, not panic selling.
