SpaceX conducted another large on-chain transfer this week, moving just over 1,000 BTC – part of a continuing pattern that has been ongoing for months, which analysts say indicates internal restructuring of wallets rather than market activity.

With the latest transaction, the total amount of Bitcoin moved through Coinbase Prime this year reaches nearly 9,000 BTC, according to blockchain analysts monitoring the company's addresses.
The transfer on Wednesday split the funds between two new addresses – 614 BTC to one and 407 BTC to the other. Although SpaceX has not publicly commented, analysts note that the movements follow a consistent pattern: older Bitcoin addresses are phased out in favor of new SegWit and Taproot formats, which offer lower fees and improved security. The process involves both abandoning inherited “1” addresses and consolidating holdings among newer formats.
SpaceX’s involvement with Bitcoin dates back to 2021, when Elon Musk confirmed that both Tesla and SpaceX hold the asset. The company sold a significant portion of its reserves in 2022 – one of the most tumultuous years for the crypto sector, marked by the Terra collapse, FTX bankruptcy, and industry-wide contagion.
The tracking firm Arkham first identified addresses linked to SpaceX in 2024 and associated them with 8,285 BTC. Its dashboard now shows around 3,991 BTC, but analysts warn that the lower figure likely reflects incomplete tagging after recent transfers rather than actual sales. BitcoinTreasuries continues to list SpaceX with the old amount.
SpaceX’s crypto movements come at a critical moment for the company. According to Bloomberg, the firm plans to go public in 2026, aiming to raise over $30 billion with a valuation of around $1.5 trillion – a figure that would rival the historic IPO of Saudi Aramco in 2019. The advisers expect the debut to occur in mid or late 2026, although the timeline could shift to 2027 depending on market conditions.
Tesla, which also reduced its Bitcoin holdings in 2022, currently holds approximately 11,509 BTC worth around $1.24 billion.
As SpaceX approaches what could be the largest IPO in history, current portfolio reorganizations suggest the company is tightening its operational control mechanisms – a move analysts describe as typical for firms preparing for increased regulatory scrutiny and public accountability.