SpaceX Moves 2,395 BTC Amid Bitcoin Slump, Is Musk Selling or HODLing?

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SpaceX, led by Billionaire entrepreneur Elon Musk, has once again moved a total of 2,395 BTC of its Bitcoin holdings valued at $268 million just three months after its previous major transfer in July. On-chain data from Arkham Intelligence confirms that two significant transactions were made early Monday.

Is SpaceX selling Bitcoin? The motive behind the transfer remains unknown.

Details of the SpaceX $268 Million Transfer

According to blockchain researcher Arkham Intelligence, reports that SpaceX recently moved 1,187 BTC to wallet bc1q…4sdu and 1,208 BTC to bc1q…6kqe, totaling around $268 million at current prices.

Interestingly, both receiving wallets remain inactive, with no signs of selling or further transfers.

This isn’t SpaceX’s first major Bitcoin move. In July 2025, the company shifted roughly 1,300 BTC ($153 million) from a previously dormant wallet, its first activity in three years.

That transfer was later identified as part of a Coinbase Prime Custody account transition, rather than a market sale, suggesting it was an internal wallet adjustment.

Motive Behind SpaceX’s Bitcoin Transfer

Crypto analysts believe this latest transfer is likely an internal wallet reshuffle. Institutional Bitcoin holders like SpaceX often move coins between wallets as part of security updates or risk management, especially when using multi-signature cold storage and optimized custody solutions.

However, the transfer comes at a time when Bitcoin is struggling to hold its price, recently dipping to $107K . Many whales are selling to limit losses, and some major holders are even shorting Bitcoin.

At present, all transferred BTC remains untouched.

SpaceX’s Current Bitcoin Holding

Despite the recent move which raise the investors eyebrow, Bitcoin treasury data indicates that SpaceX currently holds approximately 8,285 BTC across its recognized wallets, with an estimated total value above $894.32 million.

Combined with Tesla’s 11,509 BTC reserve, Elon Musk–linked companies now hold around $1.24 billion in Bitcoin, making them among the most significant corporate Bitcoin treasuries globally.​