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For the first time in three years, Elon Musk’s SpaceX has moved a significant portion of its Bitcoin holdings, sparking speculation across the crypto community.
The transaction has raised questions about the company’s intentions and the broader implications for the digital asset market.
SpaceX sends $153M in Bitcoin to a new address
According to a public post by onchain analytics platform Arkham Intelligence, SpaceX transferred which involved the transfer of 1,300 BTC, worth approximately $153 million, to a newly created address on the morning of July 22, 2025.
BREAKING: SPACEX JUST MOVED BITCOIN FOR THE FIRST TIME IN 3 YEARS They sent 1.3K BTC ($153M) to a fresh address this morning. Cycling custody wallets or moving to sell?
The news crypto address, identified as beginning with “bc1q8…phartf,” has no known connection to any major exchange, including Coinbase, which was the destination of SpaceX’s last BTC transfer three years ago.
This key detail has led many analysts to believe the move was not intended for liquidation.
Rather, the transaction may simply be a matter of transferring funds for custody purposes.
The decision to send the Bitcoin to a fresh, unidentified wallet suggests that SpaceX could be cycling wallets as part of routine security practices rather than preparing to sell its digital assets.
No immediate signs of a sell-off
Arkham’s post prompted immediate reactions, with many crypto watchers closely monitoring the wallet for further activity.
However, as of now, no additional transactions have been made from the new address.
Also, despite the size of the transaction, there is no indication so far that SpaceX is looking to offload its Bitcoin holdings.
The transferred funds remain untouched in the new address, reinforcing the idea that the move was internally motivated and not market-driven.
Notably, the last time SpaceX moved Bitcoin to Coinbase, it was widely viewed as a signal to sell. In contrast, the latest transfer does not carry the same implications.
If the company had intended to sell, it would likely have moved the assets to an exchange again.
The absence of such a move gives weight to the argument that this was a routine custody action.
SpaceX and Tesla hold significant Bitcoin reserves
SpaceX currently holds approximately 6,977 BTC in its known wallets, which amounts to around $827.41 million at current market prices.
These reserves, along with the recent movement, indicate that the company still maintains a significant position in Bitcoin.
At the same time, Tesla, another Musk-led company, continues to hold 11,509 BTC, valued at roughly $1.37 billion.
Tesla’s Bitcoin has remained stationary for the past nine months, reinforcing a long-term holding strategy.
The company also ranks as the 10th largest public holder of Bitcoin, according to data from BitcoinTreasuries.net.
The initial disclosure of SpaceX’s Bitcoin holdings came in 2021, the same year Tesla made headlines by investing in BTC and exploring the possibility of accepting it as payment.
Although those plans were later shelved, both companies remain prominent institutional holders of the asset.
Elon Musk’s growing confidence in Bitcoin
Elon Musk’s recent public statements suggest a deepening belief in Bitcoin’s long-term value.
Earlier this month, Musk stated that his newly formed America Party would support Bitcoin, arguing that fiat currency is “hopeless.”
This comment came in response to the passing of the “Big Beautiful Bill,” which increases federal spending — an event seen as bullish for Bitcoin due to its finite supply and resistance to inflation.
In addition, Musk liked a post on X suggesting he might be accumulating more Bitcoin in anticipation of future government monetary expansion.
While such gestures do not confirm intent, they provide insight into the mindset of one of the world’s most influential entrepreneurs regarding digital assets.
Bitcoin maximalist Max Keiser even predicted that Musk could eventually become a full-fledged Bitcoin maximalist himself, further aligning with the idea that the recent transfer was not bearish but strategic.
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