SpaceX Makes First Bitcoin Move Since July, Raising Questions About Musk’s Crypto Strategy

Bitcoin’s price has remained relatively stable this week, though investor sentiment is still cautious. Yet, despite the quiet market, SpaceX has drawn attention with a large Bitcoin transfer that has prompted speculation about what it might mean for the company. The aerospace firm, led by Elon Musk, reportedly moved more than $260 million worth of Bitcoin at a time when it is facing both financial and political challenges.

First Bitcoin Wallet Activity Since July

Blockchain analytics firm Lookonchain reported on X that SpaceX transferred 2,495 BTC, worth around $268.47 million, after being inactive for three months. With this movement, the company’s Bitcoin holdings are now said to stand at 5,790 BTC, valued at about $624.63 million.

This is SpaceX’s first known wallet activity since July. During that month, the company had moved about $153 million worth of BTC, which was its first transaction since 2022. The latest transfer continues a pattern of long pauses followed by sizable movements, raising questions about the company’s intentions toward its digital assets.

Musk’s Complicated History With Bitcoin

Elon Musk has often spoken favorably about Bitcoin’s structure, noting its energy-based nature and its ability to resist inflation. Even so, his relationship with the cryptocurrency world has not been straightforward. SpaceX first disclosed its Bitcoin holdings in July 2021, just months after Tesla—another company under Musk’s leadership—made a $1.5 billion Bitcoin purchase.

Tesla has retained most of its Bitcoin holdings and has not resumed accepting the cryptocurrency for vehicle purchases. Musk had hinted that payments might resume if renewable energy became more widely used, but no further updates have been provided. Meanwhile, back in May 2021, Tesla temporarily halted Bitcoin payments over environmental concerns, a move that triggered a rapid market reaction and caused Bitcoin’s price to drop about 6% within an hour.

Data from BitcoinTreasuries shows that Tesla currently holds 11,509 BTC, estimated to be worth $1.26 billion. The company’s average purchase cost is about $33,539 per coin, meaning its position shows a gain of roughly 227.6%. Despite that significant paper profit, Tesla’s approach to its Bitcoin investment has remained largely unchanged.

SpaceX Under Scrutiny

Meanwhile, SpaceX’s recent Bitcoin transfer has drawn attention amid ongoing operational and government-related pressures. Part of this government attention comes from the National Aeronautics and Space Administration (NASA). Sean Duffy, acting chief of NASA, said the United States is competing with China to achieve a moon landing and noted that while SpaceX holds the contract for the lunar lander, progress on the Starship program has been slow.

Back in 2021, SpaceX reached a $4.4 billion agreement with NASA, which includes a target to complete a moon mission by 2027.

Signs of Stability in the Bitcoin Market

While SpaceX’s Bitcoin transfer has drawn attention, the broader Bitcoin market has shown signs of stabilization. According to Glassnode, open interest has declined roughly 30%, easing the level of leveraged positions among traders.

At the same time, funding rates have moved closer to neutral, which lowers the likelihood of another large-scale liquidation. These changes suggest a calmer trading environment compared with previous periods of high volatility.