Elon Musk‘s space technology company, SpaceX, moved Bitcoin for the first time in three months on Oct. 21.
As per the on-chain analytics platform Arkham Intelligence, a SpaceX-linked crypto wallet transferred 2,495 Bitcoin worth approximately $268.5 million in the first on-chain transfer since July 24.
Related: What is Crypto? Cryptocurrency explained
The space tech company has moved Bitcoin to two unmarked addresses on the day. The transfer was made in two tranches:
So far, the addresses have not transferred any Bitcoin.
Tesla CEO Elon Musk attends the memorial service for political activist Charlie Kirk at State Farm Stadium on September 21, 2025 in Glendale, Arizona.
SpaceX completed these transfers after two tiny test transactions worth $150 and $177 from Coinbase Prime.
“This may just be a wallet cleanup,” an analyst wrote.
SpaceX began to accumulate Bitcoin in 2021. However, it liquidated nearly 70% of its BTC holdings during the Terra-Luna collapse and FTX fallout in 2022. Though such massive transfers usually trigger market panic, the latest transfer made no such impact.
The company currently holds 8,285 BTC worth approximately $1.1 billion.
Musk recently hailed Bitcoin, the cryptocurrency minted on energy, as compared to “fake” fiat currency because governments can print “fake” money but they can’t fake energy.
Earlier, when the tech tycoon floated the idea of a new political party following his criticism of the two-party system in the U.S., he confirmed the party will embrace Bitcoin.
On Oct. 7, Bitcoin hit a new all-time high (ATH) of $126,198.07. But the recent U.S.-China trade tension have crushed the crypto market.
As per Kraken’s price feed, Bitcoin was exchanging hands at $108,575.63 at the time of writing.
This story was originally reported by TheStreet on Oct 21, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.