When Elon Musk’s SpaceX quietly shifted another 281 Bitcoin — roughly $31 million — on October 29, it wasn’t just another crypto transaction. It was the fifth major move this month, bringing the total to over $471 million worth of BTC relocated in October alone. While some may see it as routine housekeeping, blockchain analysts suggest something more deliberate is happening behind the scenes: a large-scale restructuring of SpaceX’s Bitcoin custody.
What Exactly Did SpaceX Move This Month?
Elon Musk’s SpaceX shifted another 281 BTC — worth about $31 million — to a new address late on October 29, marking its fifth major Bitcoin transfer this month. According to blockchain analytics platform Lookonchain, which cited Arkham data, these movements appear to be part of a larger pattern of custody consolidation.
Over October alone, SpaceX has moved a total of 4,337 BTC, valued at roughly $471.7 million. All of the transactions were reportedly carried out through Coinbase Prime, an institutional-grade custody and trading platform.
Breaking Down the Transfers
The activity began on October 21, when SpaceX transferred 2,495 BTC (worth about $268.5 million) in two separate transactions — its first recorded moves since late July. Analysts suggested these might have been part of a broader wallet reorganization, rather than an outright liquidation or acquisition.
A few days later, on October 24, SpaceX moved another 1,561 BTC, worth around $171.9 million. Most of these transactions appear to involve migrating assets from older, legacy Bitcoin address formats to newer, more secure ones.
Why Migrate Bitcoin Addresses?
The evolution of Bitcoin address types helps explain what’s happening. SpaceX appears to be moving coins from older Pay-to-PubKey-Hash (P2PKH) addresses — the classic format starting with “1” — to native SegWit (P2WPKH) and possibly Taproot (P2TR) addresses, which begin with “bc1q” or “bc1p.”
These newer address types are more efficient and secure. They reduce transaction fees, enhance privacy, and enable advanced features like multi-signature setups — critical for large institutional holders like SpaceX that require both flexibility and security in custody management.
How Much Bitcoin Does SpaceX Still Hold?
Arkham Intelligence first identified SpaceX’s Bitcoin wallets in March 2024, tracing 8,285 BTC across 28 addresses. As of now, the platform’s data shows 7,258 BTC still under SpaceX’s control — worth around $799 million at current prices.
However, the figure may not yet include the most recent October transfers. About 1,027 BTC from the recent moves hasn’t been relabeled as belonging to SpaceX or Coinbase Prime, which could simply be a matter of delayed tagging rather than actual liquidation.
Musk’s Bitcoin Journey So Far
Elon Musk first confirmed in July 2021 that both Tesla and SpaceX had purchased Bitcoin. By late 2022, SpaceX had reportedly sold around 70% of its holdings, likely due to the cascading market crises of that year — including the collapse of Terra in May and FTX in November.
Tesla followed a similar path, selling most of its Bitcoin in 2022. According to Arkham data, Tesla still holds around 11,509 BTC, worth approximately $1.3 billion today.
What This Means for the Market
While there’s no evidence that SpaceX is selling its Bitcoin, these transfers signal that Musk’s companies are tightening their operational and custodial setups. Moving from legacy to modern wallet formats aligns with best practices for large institutions — improving efficiency, reducing risks, and ensuring compliance with evolving custody standards.
In short, SpaceX isn’t dumping Bitcoin — it’s upgrading how it stores it. That subtle distinction could make all the difference for how the crypto market interprets these moves in the weeks ahead.