SpaceX Shifts 4,337 Bitcoin in October Custody Upgrade
SpaceX completed five major Bitcoin transfers in October, including 2,395 BTC on Oct 19, 1,215 BTC on Oct 24 and repeated 281 BTC moves at month-end, routing all 4,337 BTC (≈$472 million) through Coinbase Prime. Blockchain analysts say these shifts are consolidation from legacy P2PKH to SegWit (P2WPKH) and Taproot (P2TR), cutting fees, boosting security and privacy for large holders. Arkham Intelligence data shows SpaceX still holds 7,258 BTC (≈$799 million), with 1,027 BTC pending relabeling. Since Elon Musk confirmed the initial purchase in July 2021 and partial sales in 2022, the firm’s October transfers reflect a strategic custody overhaul rather than liquidation.
Neutral
These large Bitcoin transfers are internal custody consolidations rather than sales, routing funds through Coinbase Prime without affecting circulating supply. The moves signal infrastructure upgrades (SegWit and Taproot) and stronger security for institutional holdings, but they do not introduce new sell pressure or demand catalysts, making the immediate market impact neutral. Over the long term, enhanced custody practices may support institutional adoption without direct price shifts.