TL;DR:
- SpaceX moved another 1,021 BTC worth about $94.5 million via Coinbase Prime, bringing recent transfers to 8,910 BTC as it consolidates custody.
- Arkham data shows earlier holdings of 8,285 BTC now tracking at 3,991 BTC, while Tesla still holds 11,509 BTC valued near $1.24 billion.
- The onchain reshuffle coincides with plans for a 2026 IPO that could raise over $30 billion at a valuation near $1.5 trillion, rivaling Saudi Aramco.
Elon Musk’s SpaceX is again on the move onchain, shifting another chunk of its bitcoin treasury as speculation about a blockbuster listing gathers pace, after the company transferred 1,021 BTC worth about $94.5 million on Wednesday in its ninth such transaction this year amid reported 2026 IPO plans. Analysts at Lookonchain, citing Arkham data, say SpaceX appears to be reshaping how it stores coins rather than liquidating exposure.
SpaceX(@SpaceX) just transferred out another 1,021 $BTC($94.48M), to possibly Coinbase Prime for custody.https://t.co/zW62EKM2RD pic.twitter.com/PwBIvD5RaR
— Lookonchain (@lookonchain) December 10, 2025
Onchain consolidation meets mega-IPO ambitions
According to Arkham’s labels, the latest transaction was routed through Coinbase Prime and split between two unlabeled addresses, parking 614 BTC in one and 407 BTC in the other, bringing the total moved in recent months to around 8,910 BTC worth roughly $924 million as SpaceX consolidates custody and upgrades its wallet setup. Earlier transfers show coins flowing from legacy addresses beginning with 1 to newer formats, with some moves simply combining balances across modern destinations.
The pattern highlights a broader evolution in how large holders manage bitcoin. Legacy Pay-to-PubKey-Hash addresses that start with 1 are now being superseded by SegWit-based formats beginning with bc1q and Taproot addresses beginning with bc1p, illustrating a shift from older P2PKH and P2SH scripts toward more efficient, up-to-date standards that can lower fees and streamline treasury operations. Onchain analysts expect many of SpaceX’s remaining unlabeled wallets to be linked back as the migration completes.
Musk first confirmed in 2021 that both Tesla and SpaceX held bitcoin, but the subsequent bear market forced adjustments. SpaceX reportedly cut its stake by about 70% in 2022 after shocks tied to Terra-Luna, FTX and the broader credit crunch, while Arkham later traced 8,285 BTC across 28 addresses and now tracks 3,991 BTC, a figure that likely understates holdings due to labeling delays. Tesla also trimmed its position in 2022 and today is shown holding 11,509 BTC, valued near $1.24 billion.
These wallet reshuffles arrive as SpaceX’s equity story reaches a new inflection point. Bloomberg has reported plans for an initial public offering that could raise more than $30 billion at a valuation near $1.5 trillion, potentially rivaling Saudi Aramco’s record $29 billion fundraise and setting up one of the largest listings in history if markets allow a mid 2026 launch window. Advisers have cautioned that the deal could still slip into 2027 depending on how sentiment and risk appetite evolve.
