SpaceX moves 1021 more bitcoins! Musk transfers 900 million throughout the year to push for an IPO

Elon Musk’s SpaceX transferred another 1021 Bitcoins (approximately $94.5 million) on December 10, marking the company’s second large BTC transfer this month and the ninth this year. The total BTC moved this year amounts to about 8910 coins (approximately $924 million). SpaceX is advancing its IPO goal with a valuation of $1.5 trillion, aiming to go public between mid and late 2026.

Nine Transfers in a Year Totaling $924 Million: Custody Upgrade Trajectory

(Source: Arkham)

The Bitcoin transfers by SpaceX under Elon Musk are not isolated events but part of an ongoing capital management strategy this year. The December 10 transfer is the second large on-chain activity this month and the ninth this year, with approximately 8910 BTC moved, valued at about $924 million at current prices. All transfers were completed through the largest compliant crypto exchange in the U.S., a institutional-grade custody platform designed for large enterprises and institutional investors, offering advanced security and compliance solutions.

On December 10, SpaceX transferred 1021 Bitcoins to two unlabeled addresses, receiving 614 BTC and 407 BTC respectively. While the company did not disclose the purpose of the transfers, on-chain analysts suggest these are often internal wallet reorganizations. Some transactions show funds flowing out of older Bitcoin addresses starting with “1” (P2PKH), and moving to more advanced formats like bc1q (SegWit).

Activities involving new wallets typically indicate adjustments in custody structure, fund control, or multi-signature reconfigurations rather than market exit. Arkham reports that $37.66 million was sent to a new address, while $56.82 million appears as change, indicating internal reallocation rather than external selling. This “change” mechanism is common in Bitcoin transactions, where the difference returns to a newly controlled address of the sender when the sent amount is less than the inputs.

Since most fund flows reflect “change” and new self-custody addresses, the latest movements seem to indicate treasury structure adjustments rather than liquidations. There is no evidence of exchange deposits or seller pressure. Institutional entities such as strategy firms, mining companies, and corporate finance departments regularly transfer large amounts of Bitcoin into new or updated custody arrangements over time.

The Technical Significance and Cost Advantages of Wallet Format Upgrades

This transfer involves a technical upgrade of Bitcoin address formats, driven by significant economic and security considerations. Bitcoin address formats have evolved multiple times, with each upgrade reducing transaction fees or adding functions.

Timeline of Bitcoin Address Format Evolution

1 starting (P2PKH): The earliest traditional address format, highest fees but widest compatibility

3 starting (P2SH): Introduced multi-signature functionality, commonly used by enterprises for enhanced security

bc1q starting (SegWit): Segregated Witness technology, reduces fees by about 40%, the current mainstream format

bc1p starting (Taproot): The latest format, offering stronger privacy and smart contract capabilities

SpaceX’s migration from old addresses starting with “1” to “bc1q” SegWit addresses means future Bitcoin transfers can save about 40% on network fees. When handling hundreds of millions of dollars, this cost saving is substantial. Additionally, SegWit addresses improve transaction confirmation speed and security.

This technical upgrade shows SpaceX’s long-term strategy in Bitcoin holdings rather than short-term speculation. If the company planned to sell all holdings soon, there would be no need to invest resources in wallet infrastructure upgrades. This aligns with asset integration logic before an IPO, where all assets are incorporated into the balance sheet in the most optimized manner.

Elon Musk’s Crypto Empire: $1.4 Billion Bitcoin Portfolio

Latest data from Arkham indicates SpaceX holds about 3991 BTC, worth approximately $369 million. The company remains one of the largest corporate Bitcoin holders outside ETFs and public mining firms. However, this figure may not yet include multiple large transfers this month due to “label delays.” Bitcoin Treasuries data still shows it holds 8285 BTC.

Tesla, another company led by Musk, currently holds over 11509 BTC, valued at over $1.24 billion at current prices, making the combined holdings related to Musk entities exceed $1.4 billion. Although Tesla reduced holdings in 2022, it remains one of the most significant corporate shareholders. According to Bitcoin Treasuries, Tesla ranks 12th among corporate Bitcoin holders.

Musk first confirmed in 2021 that Tesla and SpaceX hold Bitcoin. In 2022, SpaceX reportedly reduced holdings by about 70%, influenced by market shocks such as the Terra-Luna collapse and FTX fallout. Nonetheless, the remaining holdings appreciated significantly during the subsequent bull market, demonstrating that even after reductions, Musk’s companies maintained a strategic Bitcoin allocation.

$1.5 Trillion IPO and Capital Management Strategic Link

As on-chain fund movements accelerate, SpaceX is speeding up its unprecedented IPO. According to Bloomberg, the IPO aims to raise over $30 billion with a target valuation of $1.5 trillion, potentially becoming the world’s largest IPO ever, approaching Saudi Aramco’s 2019 record of $29 billion. Sources say management and advisors are targeting mid to late 2026, though the listing could be delayed to 2027 due to market conditions.

The frequent Bitcoin transfers by SpaceX may be directly related to IPO preparations. Before going public, the company needs to audit and value all assets; custody methods, security, and liquidity of crypto holdings will undergo scrutiny by investment banks and regulators. Moving Bitcoin from older addresses to safer, cheaper formats demonstrates professionalism in digital asset management. Additionally, a clear custody structure helps meet IPO compliance requirements.