SpaceX Moves 1,308 Bitcoin On-Chain After 3-Year Hiatus
SpaceX has executed its first on-chain Bitcoin transaction since 2021, consolidating 1,308 BTC (approx. $153 million) from 16 legacy P2PKH addresses into a single SegWit P2WPKH wallet, according to Arkham Intelligence. On-chain analytics show the funds moved to an unknown address rather than an exchange, indicating an internal custody swap rather than a sale. The consolidation aims to streamline fund management and cut future transaction fees. This move comes amid growing political scrutiny—Pentagon officials are diversifying suppliers for the $175 billion Golden Dome missile defence programme, and the previous US administration considered reviewing SpaceX contracts. SpaceX now holds nearly 7,000 BTC (over $800 million), while Tesla’s 11,509 BTC position remains untouched for nine months. Traders view the activity as a rotation of wallets, not a sign of an impending sell-off, underscoring continued long-term confidence in Bitcoin as a corporate treasury asset.
Neutral
The on-chain consolidation of 1,308 Bitcoin by SpaceX signals no new supply entering the market and underscores continued institutional confidence, which should support price stability. In the short term, the transaction is unlikely to trigger volatility since the funds were moved internally, not sold. Over the long term, maintaining a nearly 7,000 BTC treasury position highlights corporate faith in Bitcoin’s store-of-value narrative, offering a positive backdrop but not an immediate price catalyst.