SpaceX Continues Bitcoin Consolidation with Multi-Million Dollar Transfers

SpaceX transfers 281 BTC in October as part of asset consolidation.

Fridah Kangai
October 31, 2025
1:00 pm

Fridah Kangai

Fridah Kangai is a dedicated crypto journalist with a sharp eye for market trends, blockchain innovation, and digital asset movements. She specializes in breaking down complex topics into clear, engaging stories for both seasoned investors and curious newcomers. With a passion for decentralization and a pulse on the ever-evolving crypto space, Fridah delivers timely, accurate, and insightful coverage. Her work bridges the gap between technology and everyday understanding in the world of cryptocurrency.

SpaceX moves 281 BTC, continuing its October Bitcoin consolidation.
Recent Bitcoin transfers suggest SpaceX’s wallet reorganization strategy.
SpaceX’s recent moves mark a shift to modern Bitcoin protocols.

Elon Musk’s SpaceX made another significant Bitcoin transaction on October 29, transferring 281 BTC worth $31.3 million. This marks the fifth such transaction for the company this month. These moves are among those that SpaceX is undertaking as part of a series of consolidations via Coinbase Prime, as noted by analysts at Lookonchain. The company is likely reorganizing its Bitcoin assets across various address formats.

SpaceX(@SpaceX) just transferred another 281 $BTC($31.28M) to a new wallet — likely for custody purposes.

In the past 10 days, #SpaceX has moved their BTC holdings three times.https://t.co/zW62EKM2RD pic.twitter.com/XstZgyryOA
— Lookonchain (@lookonchain) October 30, 2025

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A Series of Bitcoin Transfers This Month

To date, SpaceX has transferred 4,337 BTC, which is approximately worth $ 471.7 million. The initial significant transfer occurred on October 21, with SpaceX transferring 2,495 BTC, equivalent to roughly $268.5 million. Although it is not clear why these transfers are being conducted, analysts believe that the moves could be a wallet reorganization. Part of these transfers concern the movement of funds in older Bitcoin addresses that start with 1 to newer addresses that begin with bc1q.

Additionally, SpaceX conducted another transfer on October 24, involving 1,561 BTC, valued at $ 171.9 million. These changes include migrating the old Pay-to-Pubkey-Hash (P2PKH) addresses to Pay-to-Witness-Pubkey-Hash (P2WPKH) addresses. This action indicates that SpaceX is moving towards newer Bitcoin protocols, which are safer and less expensive.

SpaceX’s Reorganization Strategy: What’s Behind the Movement?

In 2022, SpaceX sold approximately 70% of its Bitcoin holdings, potentially due to market volatility. Recent trends suggest that the firm may be pooling its resources, which could be utilized in the future. By March 2024, the Arkham tracking data indicated that SpaceX had 8,285 BTC in 28 addresses. The figure had dropped to 7,258 BTC following recent transfers, which is worth approximately $799 million.

The cryptocurrency frenzy has investors interested in SpaceX’s Bitcoin strategy. This may indicate how large corporations are adapting their digital asset management strategies. With the development of Bitcoin, SpaceX may stay at the forefront of corporate cryptocurrency use.

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