Blockchain analysis platform Lookonchain identified a new on-chain transaction showing that SpaceX moved 281 BTC, valued at around $31.3 million, to a new wallet address. Posted on October 30, the Lookonchain report marks the third major Bitcoin movement by SpaceX within 10 days, highlighting an atypically active period for the company’s digital asset management.
The latest transfer follows two earlier large-scale Bitcoin transactions traced through Arkham Intelligence. Analysts note that the frequency of these transfers has sparked a wave of speculation across the crypto community, though no official statement has been issued by SpaceX.
A 10-day sequence of large transactions
The company’s first major transfer in this recent cycle occurred on October 21, when 2,495 BTC (approximately $257 million) were sent to two distinct wallet addresses. Blockchain tracking showed 1,298 BTC went to one address and 1,197 BTC to another. Both receiving wallets remain inactive, reinforcing the view that SpaceX is moving coins internally for organizational or custodial reasons.
The second transfer took place on October 25, involving roughly $133.7 million in Bitcoin. This was followed by the most recent October 30 move, where Lookonchain confirmed that 281 BTC ($31.28 million) were sent to a new address. Collectively, these three transactions represent more than $420 million in cumulative movement within just ten days.
SpaceX(@SpaceX) just transferred another 281 $BTC($31.28M) to a new wallet — likely for custody purposes.
— Lookonchain (@lookonchain) October 30, 2025
In the past 10 days, #SpaceX has moved their BTC holdings three times.https://t.co/zW62EKM2RD pic.twitter.com/XstZgyryOA
On-chain data gathered by both Arkham Intelligence and Lookonchain suggests that SpaceX’s Bitcoin portfolio totals around 7,258 BTC, with a valuation near $801.25 million as of late October.
Analysts point to internal reorganization and custody realignment
Industry observers largely interpret these transactions as part of a broader on-chain reorganization rather than sell-side activity. Arkham previously tracked SpaceX moving other large Bitcoin blocks earlier this year, including 1,300 BTC in July, in what appeared to be a technology and security migration process involving Coinbase Prime Custody.
Such restructures are common among institutional holders seeking to enhance security, audit transparency, or wallet infrastructure. Nevertheless, not everyone in the market agrees that these are purely custodial actions.
“Three transfers in 10 days isn’t custody — it’s positioning before a major policy shift,” one user wrote in response to Lookonchain’s post.
Community outlet BlockTempo also floated the idea that SpaceX might be preparing for partial liquidations, though there are no verifiable signs of selling activity on-chain.
Corporate Bitcoin portfolios and historical context
According to Arkham data, SpaceX’s portfolio, currently worth about $790 million, makes it one of the most significant corporate holders of Bitcoin globally. Similarly, Tesla, another company led by Elon Musk, holds 11,509 BTC, valued around $1.25 billion. Together, both firms control roughly $2.04 billion in Bitcoin as of October.
Both SpaceX and Tesla significantly reduced their holdings during mid-2022, when the collapse of Terra-Luna and FTX triggered widespread market turmoil. Since then, both have focused on restructuring and safeguarding their remaining reserves, with no evidence of new large-scale Bitcoin acquisitions.
Musk’s renewed advocacy for Bitcoin
The latest movements come shortly after Elon Musk reaffirmed his support for Bitcoin, describing it as a form of money based on energy and therefore more resistant to manipulation than traditional currencies. Speaking earlier this month, Musk emphasized that Bitcoin’s energy foundation distinguishes it from fiat systems tied to “government issuance and central control.”
Musk’s renewed public endorsement has strengthened perceptions that both Tesla and SpaceX remain strategically committed to holding Bitcoin as a core treasury asset. Despite current price fluctuations, analysts argue that these internal Bitcoin transfers may signal a long-term infrastructure upgrade rather than short-term trading activity.
Market response remains steady
While Bitcoin briefly dipped after each large transfer, sliding below $110,000. The absence of broader sell-offs suggests investors recognize these events as internal corporate moves rather than indicators of liquidation.
Market watchers now await further disclosures from SpaceX or Elon Musk regarding these transfers. Whether they represent routine custodial updates or hint at a future financial announcement, SpaceX’s on-chain movements continue to capture the crypto industry’s attention.
Oleksii Shumak
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