Elon Musk’s SpaceX moved another 1,021 Bitcoin ($94.5 million) on Wednesday, continuing a pattern of likely custody consolidation, according to analysts at Lookonchain, citing Arkham data. The transaction marks the second such transfer this month and ninth this year, totaling approximately 8,910 BTC ($924 million), carried out via institutional custody platform Coinbase Prime, per Arkham labeling.
At 7:18 a.m. UTC on Wednesday, SpaceX moved the funds to two unlabeled addresses, parking 614 BTC and 407 BTC at each. Although the purpose of the transfer was not publicly disclosed by the company, analysts have noted that such movements are likely to be identified later as part of the firm’s wallet reorganization.
While some of the transactions suggest funds were being moved from legacy bitcoin addresses starting “1” to more modern formats starting “bc1q,” other transfers appear to have been further consolidation between the newer address formats.
Starting with a 1, these legacy Pay-to-PubKey-Hash (P2PKH) addresses are the oldest style of Bitcoin addresses. After that came Pay-to-Script-Hash (P2SH) addresses starting with 3, then native SegWit (P2WPKH) addresses starting with bc1q, and finally Taproot (P2TR) addresses starting with bc1p — the most up-to-date format.
Musk first confirmed that both Tesla and SpaceX owned bitcoin in July 2021. In mid-2022, SpaceX reportedly reduced its holdings by around 70%, possibly prompted by a market-wide shock caused by the meltdown of Terra-Luna in May, the collapse of FTX in November, and the subsequent domino effect. Arkham claimed to identify SpaceX’s bitcoin holdings in March 2024, tracking 8,285 BTC across 28 addresses. That total figure currently stands at 3,991 BTC, according to Arkham’s SpaceX tracking.
However, the lower total likely excludes several recent transfers that may still be under SpaceX’s control, suggesting the difference could reflect a labeling lag on Arkham’s side. Data from Bitcoin Treasuries still shows the 8,285 BTC figure. Tesla also sold off a bulk of its bitcoin holdings in 2022. It currently holds 11,509 BTC, worth $1.24 billion, according to Arkham data.
The onchain movements come as SpaceX is advancing plans for an initial public offering that could raise well over $30 billion, Bloomberg reported on Tuesday, citing people familiar with the matter. Musk’s company is targeting a valuation of about $1.5 trillion, putting it close to the market value Saudi Aramco reached during its record 2019 IPO, which raised $29 billion, and potentially making it the largest listing in history, according to the outlet.
SpaceX’s management and advisers are reportedly aiming for a mid-to-late-2026 debut, though the timing could shift depending on market conditions and other factors, the people said, with one source noting the offering could slip into 2027.
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