SpaceX executed another major on-chain transfer this week, moving just over 1,000 BTC – part of a continuing pattern that has been ongoing for several months, which, according to analysts, indicates internal portfolio restructuring rather than market activity.

With this latest transaction, the total amount of Bitcoin transferred via Coinbase Prime this year has reached nearly 9,000 BTC, according to blockchain analysts tracking the company's addresses.
The Wednesday transfer split the funds between two new addresses – 614 BTC to one and 407 BTC to the other. Although SpaceX has not publicly commented on this, analysts note that the movements follow a consistent pattern: older Bitcoin addresses are being phased out in favor of new SegWit and Taproot formats, which offer lower fees and increased security. The process involves both abandoning legacy "1" addresses and consolidating holdings among newer formats.
SpaceX’s involvement with Bitcoin began in 2021, when Elon Musk confirmed that both Tesla and SpaceX hold assets. The company sold a significant portion of its reserves in 2022 – one of the most turbulent years for the crypto sector, marked by the Terra collapse, FTX bankruptcy, and industry-wide contagion.
Arkham, a tracking firm, first identified addresses associated with SpaceX in 2024 and linked them to 8,285 BTC. Currently, its dashboard shows approximately 3,991 BTC, but analysts warn that the lower figure likely reflects incomplete labeling after recent transfers rather than actual sales. BitcoinTreasuries continues to list SpaceX with past volumes.
SpaceX’s crypto movements come at a pivotal moment for the company. According to Bloomberg, the firm plans to go public in 2026, aiming to raise more than $30 billion with an estimated valuation of around $1.5 trillion – a valuation that could rival the historic IPO of Saudi Aramco in 2019. Advisors are targeting a debut 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 about $1.24 billion.
As SpaceX approaches what could be the largest IPO in history, its ongoing portfolio reorganizations suggest the company is strengthening its operational control mechanisms – a move that analysts see as typical for firms preparing for increased regulatory scrutiny and public reporting.