Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
SpaceX Makes First Bitcoin Move Since July, Raising Questions About Musk’s Crypto Strategy

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

CointribuneCointribune2025/10/22 18:03
By:Cointribune
Summarize this article with:
ChatGPT Perplexity Grok

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.

SpaceX Makes First Bitcoin Move Since July, Raising Questions About Musk’s Crypto Strategy image 0 SpaceX Makes First Bitcoin Move Since July, Raising Questions About Musk’s Crypto Strategy image 1

In brief

  • Lookonchain data shows SpaceX transferred 2,495 BTC after three months of inactivity, bringing its total holdings to about 5,790 BTC.
  • This marks the company’s first known Bitcoin movement since July, when it transferred around $153 million, continuing its pattern of infrequent but sizable transactions.

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.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Germany’s Aifinyo AG Pioneers as First Bitcoin Treasury Firm with $3.5M Investment

Embracing Cryptocurrency: Aifinyo AG Transforms Balance Sheet with Bitcoin, Pioneering Pure-play BTC Treasury Strategy in Germany

Coineagle2025/10/22 20:42
Germany’s Aifinyo AG Pioneers as First Bitcoin Treasury Firm with $3.5M Investment

Tether Hits Milestone with 500M Users, Pushing Stablecoin Market Towards $316B

Dominating the Stablecoin Space: Tether Outpaces Competitor Circle's USDC with a Significant User Base Lead

Coineagle2025/10/22 20:42
Tether Hits Milestone with 500M Users, Pushing Stablecoin Market Towards $316B