SpaceX has conducted a significant bitcoin transaction on Wednesday, transferring a total of 1,021 BTC, which is approximately valued at $94.5 million. This move involved splitting the bitcoin between two undisclosed addresses via Coinbase Prime custody, with one address receiving 614 BTC and the other 407 BTC. This marks the ninth transfer of bitcoin by the company this year, with recent movements totaling around 8,910 BTC worth nearly $924 million. Analysts suggest that SpaceX is consolidating its bitcoin holdings and transitioning from older legacy addresses to more modern alternatives.
According to data from Arkham Intelligence, SpaceX currently controls about 3,991 BTC, which is valued at around $367 million based on current market prices. These holdings have experienced considerable fluctuations over the years. At one point during the 2021 bull market, SpaceX’s bitcoin assets peaked at more than $1.6 billion. However, in mid-2022, following significant market upheavals, including the collapses of Terra-Luna and FTX, the company reportedly cut its bitcoin stake by around 70%.
Despite the notable transactions, SpaceX has not made any official comments regarding these activities. Meanwhile, Tesla, another company led by Elon Musk, maintains a larger bitcoin cache of 11,509 BTC, equating to about $1.24 billion.
The recent bitcoin reorganization coincides with SpaceX’s plans for a potentially massive initial public offering (IPO). Reports indicate that the company is aiming to raise over $30 billion, targeting a valuation close to $1.5 trillion, which could surpass the record $29 billion fundraising by Saudi Aramco in 2019. The IPO is anticipated to take place possibly in mid to late 2026, although sources suggest it could extend into 2027 depending on market conditions. Should the IPO materialize successfully, it would mark the largest listing in history by valuation.
Investors would gain not only exposure to rockets, satellites, and Starlink internet services but also to SpaceX’s cryptocurrency assets. Musk’s ventures have been among the first institutional adopters of bitcoin, and SpaceX has previously employed dogecoin for its DOGE-1 lunar mission, underscoring Musk’s significant influence in the cryptocurrency market.
Market analysts have noted a growing confidence in SpaceX’s prospective valuation. Current predictions from trading platforms suggest a 67% probability that the IPO will achieve a market cap exceeding $1 trillion. If realized, the IPO could provide vital funding for various initiatives, such as Starlink expansion, space-based data centers, and other projects at the intersection of artificial intelligence and cryptocurrency infrastructure.
The ongoing on-chain reshuffle of bitcoin holdings is seen as aligning with SpaceX’s larger treasury management strategy. Moving funds to more modern addresses is expected to lower transaction costs, enhance security, and streamline the management of multiple wallets, with expectations that most of SpaceX’s remaining bitcoin will be migrated as this consolidation progresses.
