Finance

SpaceX Shifts $31M in Bitcoin: What’s Behind Elon Musk’s Latest Crypto Move?

SpaceX moved 281 BTC ($31M) to a new wallet, continuing a series of Bitcoin transfers.

byAndres Castro

October 30, 2025, 12:01 PM

As Bitcoin's value surges, investors dream of reaching unprecedented heights. By MDL.

Executive Summary

SpaceX executed a significant Bitcoin transfer of 281 BTC, valued at over $31 million, to a new wallet, continuing a series of large movements and maintaining its position as the fourth-largest private corporate Bitcoin treasury with 8,285 BTC.

The purpose behind recent large-scale Bitcoin transfers by both SpaceX and Tesla, following years of inactivity, remains publicly undisclosed, with SpaceX’s holdings having reduced from a 2022 peak of 25,000 BTC.

Elon Musk has shifted his public stance, now praising Bitcoin’s energy demands and attributing its rise, alongside precious metals, to a “debasement” trend driven by an “AI arms race.”

The Story So Far

SpaceX’s recent large-scale Bitcoin transfers, which mark an end to a three-year period of inactivity and follow a substantial reduction from its peak holdings, suggest a new strategic approach to its digital assets, potentially driven by a change in storage, preparation for a sale, or other uses, a move that aligns with similar unexplained transfers by Elon Musk’s other company, Tesla, and reflects Musk’s evolving view that Bitcoin is rising due to a “debasement” trend linked to an “AI arms race.”

Why This Matters

SpaceX’s continued large-scale Bitcoin transfers, mirroring similar actions by Tesla, signal a dynamic and potentially evolving corporate strategy regarding significant digital asset treasuries, though the undisclosed reasons for these movements introduce market speculation. This activity, coupled with Elon Musk’s public re-evaluation of Bitcoin’s energy demands and his view of its rise amidst economic “debasement” and the “AI arms race,” could influence broader institutional sentiment and shape the narrative around Bitcoin’s long-term utility and value proposition.

Who Thinks What?

SpaceX is executing significant, unexplained Bitcoin transfers to new wallets, reducing its overall holdings from a 2022 peak, with the purpose of these moves remaining unclear.

Elon Musk has shifted his stance, now praising Bitcoin’s energy demands and attributing its rising value to a “debasement” trend driven by the funding of an “AI arms race.”

Tesla, also holding substantial Bitcoin, similarly transferred its holdings to new wallets without public explanation and benefited from new accounting rules to report significant profits as Bitcoin prices surged.

SpaceX, the aerospace company founded by Elon Musk, executed another significant Bitcoin transfer on Wednesday, moving 281 BTC, valued at over $31 million, from Coinbase Prime custody to a new wallet. This latest transaction continues a series of large-scale Bitcoin movements by the company, which has not publicly commented on the reasons behind these transfers. The company’s Bitcoin holdings are estimated at 8,285 BTC, approximately $894 million, positioning it as the fourth-largest private corporate Bitcoin treasury.

Recent Bitcoin Activity

The Wednesday transfer follows numerous similar transactions last week, involving hundreds of millions of dollars worth of Bitcoin. Prior to a move three months ago, SpaceX had not interacted with its Bitcoin reserves for three years. The purpose of these recent transfers remains unclear, with possibilities ranging from a change in storage strategy to preparations for a sale or other uses of the digital asset.

Historical Holdings and Tesla’s Position

SpaceX’s current holding of 8,285 BTC marks a reduction from its 2022 peak of 25,000 BTC. Meanwhile, Elon Musk’s electric car company, Tesla, holds 11,509 BTC, valued at over $1.24 billion, placing it among the top publicly traded companies with Bitcoin treasuries. Tesla also recently benefited from new accounting rules, allowing it to revalue its holdings and report over $600 million in quarterly profits as Bitcoin prices surged following President Trump’s election. Tesla’s last on-chain activity was in October 2024, when it similarly transferred its Bitcoin to new wallets without public explanation.

Musk’s Evolving Stance on Bitcoin

Elon Musk has notably shifted his public stance on Bitcoin’s energy consumption. In a recent social media discussion, Musk praised Bitcoin’s energy demands, a contrast to his criticisms in 2021 regarding the environmental impact of Bitcoin mining. His current perspective suggests that Bitcoin, alongside precious metals, is rising due to a “debasement” trend driven by the funding of an “AI arms race.”