SpaceX Moves Bitcoin, Raising Questions About Musk’s Crypto Strategy

In a surprising development, SpaceX moved Bitcoin quietly for the first time in approximately three months, according to on-chain analytics.

The SpaceX-labelled wallet “1MDyM” transferred $130 million worth of Bitcoin to address “bc1qj,” while another SpaceX wallet “1AXeF” sent $127 million in Bitcoin to address “bc1qq,” according to data from blockchain intelligence platform Nansen.

The data indicates the company transferred a significant sum of BTC, prompting speculation about the future of the firm’s cryptocurrency holdings and Elon Musk’s broader macro-economic positioning.

What the Transfer Revealed

CRYPTO NEWSWIRE: @ElonMusk^[1]‘s @SpaceX^[2] Shifts $153 Million in Bitcoin in First Move Since 2022

A WHALE MAKES A CRYPTO MOVE: Elon Musk’s SpaceX shifted 1,308 bitcoin—worth about $153 million at current prices—out of a long-dormant company wallet blockchain data compiled by Arkham… pic.twitter.com/SenHfMCuj8^[3]

— Brian Harrod (@GetTheDailyDirt) July 22, 2025^[4]

Blockchain monitoring services confirmed that SpaceX shifted funds from one of its cold-storage wallets to another, breaking its three-month dormancy. While the exact amount was not publicly disclosed, analysts estimate it to be in the tens of millions of dollars. This activity ends a period of apparent inactivity and suggests a change in strategy or wallet maintenance.

Crypto-security expert Jake Moore commented:

Dormant wallets suddenly mobilising after months of inactivity are always worth watching. In this case it could indicate restructuring, tax-planning or a tactical repositioning for SpaceX’s treasury.

The move comes at a time when the macro environment is uncertain and inflation-hedge narratives around Bitcoin remain strong. Given Musk’s longstanding advocacy for cryptocurrencies—coupled with previous corporate crypto allocations, any change in activity may reflect strategic shifts rather than spontaneous decisions.

For SpaceX, which carries a multibillion-dollar valuation and is preparing for global growth phases across Starlink and launch services, asset-allocation decisions may require flexibility and diversification.

Operational Implications for Corporate Crypto Use

This transfer adds to a growing body of evidence that large private companies are re-evaluating their Bitcoin holdings.

A recent study by Fidelity^[5] found that 21% of large US firms with crypto assets reported holding digital-assets as a strategic hedge rather than strictly as treasury cash. The fact that SpaceX’s wallet moved after a three-month hiatus suggests proactive management rather than passive holding.

Strategic Options on the Table

Experts identify several possible motivations behind the wallet activity:

• Treasury diversification: SpaceX may be reallocating assets, potentially converting Bitcoin holdings into fiat or liquid securities ahead of capital needs.
• Tax and regulatory planning: Moving crypto assets may align with upcoming fiscal events or provide flexibility for future cash-flow requirements.
• Operational preparation: As SpaceX scales hardware manufacturing and launch operations, the company may prefer to keep crypto allocations nimble.
• Signal management: Sudden wallet movement may send a message to markets and stakeholders about confidence in crypto markets or corporate cash-management strategy.

What’s Next for Bitcoin in Space Race?

In a time when large tech and space-hardware companies are managing unprecedented growth, operational risk and capital intensity, every asset-allocation decision matters. In the bigger picture, the outlook appears broadly optimistic, pointing to a steady normalization of Bitcoin within mainstream corporate finance. SpaceX’s decision to retain a sizable reserve, estimated at roughly 5,790 BTC following its October transaction, reinforces the cryptocurrency’s emerging role as a long-term treasury asset among major companies.

This move mirrors a wider 2025 trend, with corporate entities collectively holding more than 247,000 BTC in their balance sheets. Such institutional participation is lending Bitcoin greater legitimacy as both an inflation hedge and a store of value, while gradually tempering market volatility as a growing share of coins becomes locked in strategic, long-horizon portfolios.