SpaceX has moved 281 Bitcoin (BTC ($108,561.00)), worth about $31.28 million, to a new wallet, marking its third major transfer in under two weeks.

The firm’s repeated transfers of Bitcoin have fueled industry debate, including speculation of reorganizing internal custody and potential changes in digital asset strategy.

Frequent Transfers Signal Active Management

Blockchain analysis by Lookonchain identified the most recent transfer, confirming that SpaceX shifted almost $31.3 million in Bitcoin to a new address. This marks its third significant transaction within 10 days.

Arkham previously tracked SpaceX’s large movement of 2,495 BTC (about $257 million) on October 21, 2025, showing a pattern of ongoing on-chain reorganization.

Despite these potential explanations, the high transfer frequency has led some to believe SpaceX could be preparing for broader strategy shifts, with these transfers presenting as efforts to enhance custody and treasury management.

While many assume SpaceX is moving Bitcoin for security or custodial reasons, some market watchers speculate these shifts could signal upcoming announcements or changes in strategy.

“3 transfers in 10 days isn’t ‘custody.’ It’s positioning before a major policy shift,” one user remarked.

Some community voices, including BlockTempo, suggest these transactions could indicate preparations for partial liquidations. However, SpaceX has not issued any official statements or confirmations.

According to Arkham Intelligence, SpaceX’s Bitcoin portfolio is valued at around $790.95 million and comprises 7,258 BTC tokens.

SpaceX BTC Holdings. Source: Arkham

Beyond SpaceX, Elon Musk’s Tesla holds 11,509 BTC tokens valued at $1.25 billion. Collectively, therefore, the two firms now hold BTC worth $2.04 billion.

Both firms have seen their portfolios decline due to broader market downturns, but remain among the world’s largest institutional Bitcoin holders.

Musk Reaffirms Support for Bitcoin

Meanwhile, these developments come just over two weeks after Elon Musk endorsed Bitcoin over fiat. Positioning the pioneer crypto as the future of money, Musk said Bitcoin is based on energy, a pedigree that positions it at an advantage over fiat currency.

According to the tech executive, Bitcoin’s reliance on energy and consistency sets it apart from government-issued currency, which is more vulnerable to manipulation.

Therefore, Tesla and SpaceX’s ongoing Bitcoin activity reinforces their commitment to digital assets. Yet, many in the market are watching closely for any future transfers or official comments from Musk and his companies in the weeks ahead.

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