SpaceX Transfers 1,163 BTC Signals Custody Upgrade

Quick Breakdown

• SpaceX moved 1,163 Bitcoin worth $105 million to new wallets on November 27, 2025. 
• Blockchain firm Arkham Intelligence tracked the transfer from a dormant wallet to addresses linked to Coinbase Prime. 
• Analysts view it as a custody reorganization, not a sale.​

 

SpaceX transferred 1,163 Bitcoin, valued at roughly $105 million, to a new wallet on November 27, 2025, according to blockchain analytics firm Arkham Intelligence. Analysts interpret the move as a custody reorganization rather than a liquidation, following a similar $133 million transfer in October. The company’s on-chain holdings now stand at 6,095 BTC, worth about $553 million, positioning SpaceX as the fourth-largest private Bitcoin holder.​

Source : Lookonchain

The move reactivated a wallet that had sat untouched for years, aside from a few small transfers SpaceX made in mid-2025 after a long three-year pause. The receiving wallet appears to be associated with Coinbase Prime, pointing to a shift toward higher-end institutional security and compliance. Bitcoin was trading above $91,000 at the time, underscoring the broader market rebound following recent volatility.

Holdings evolution and strategy

SpaceX first revealed its Bitcoin holdings in 2021, estimating 25,000 to 28,000 BTC, about $1.8 billion at the peak, before cutting the position by around 70% during the 2022 downturn. The company hasn’t sold any Bitcoin since mid-2022, suggesting a long-term holding strategy despite occasional wallet movements. Its current stash is estimated at more than $550 million, placing it ahead of most corporate holders, while Elon Musk’s Tesla continues to hold 11,509 BTC, worth roughly $1.42 billion.

This approach mirrors a broader shift among companies toward stronger custody practices as Bitcoin adoption grows outside traditional crypto circles. SpaceX’s recent activity also lines up with Bitcoin reclaiming major price levels, which may reinforce confidence in institutional allocation strategies. So far, neither the company nor Musk has commented on the purpose of the latest transfers.

Notably, Texas has allocated $10 million to a state-backed Bitcoin reserve, initially buying shares in BlackRock’s IBIT ETF while preparing to transition to self-custody of BTC. This dual strategy offers immediate exposure while state-level on-chain infrastructure is developed. This move, which mirrors institutional investment patterns, signals a shift where governments view Bitcoin as a long-term strategic asset, accelerating the state-level crypto treasury race and solidifying Bitcoin’s mainstream acceptance.