SpaceX transfers nearly $100 million worth of Bitcoin again: a strategic analysis of the underlying intent and market impact

SpaceX transferred 1,021 Bitcoins to a new wallet address on December 10, valued at approximately $94.48 million. This marks the ninth similar Bitcoin transfer operation by the company this year, with a total transfer amount of about $924 million.

On the same day that this Bitcoin transfer was exposed, Bloomberg reported that SpaceX is advancing its IPO plans, aiming to go public in mid to late 2026 with a valuation potentially reaching around $1.5 trillion, and a fundraising scale that may exceed $30 billion. This could become the largest IPO in history.

01 Key Event

On-chain data reveals this significant movement. According to Onchain Lens monitoring, SpaceX transferred 1,021 Bitcoins to a new wallet address on December 10.

Blockchain analyst @lookonchain further tracked this transfer, indicating that the funds may have flowed to Coinbase Prime for custody, although this has not been officially confirmed.

According to Arkham data, SpaceX’s Bitcoin holdings currently show 3,991 BTC, although some analysts believe this may not fully reflect recent transfers.

This is the ninth Bitcoin transfer by SpaceX this year, totaling approximately 8,910 Bitcoins, worth around $924 million. Compared to Tesla’s holdings of 11,509 BTC (worth $1.24 billion), SpaceX’s Bitcoin reserves remain considerable.

02 Transfer Pattern

SpaceX’s Bitcoin transfers are not isolated incidents but exhibit a systematic pattern. Analysis indicates that these transfers are likely aimed at consolidating custody and upgrading Bitcoin addresses.

In terms of Bitcoin address types, SpaceX may be transitioning from old addresses starting with “1” (Pay-to-PubKey-Hash, P2PKH) to more modern formats.

Bitcoin addresses have gone through multiple stages of development: initially P2PKH addresses starting with “1”; then P2SH addresses starting with “3”; followed by native SegWit addresses beginning with “bc1q” after SegWit upgrade; and most recently, Taproot addresses starting with “bc1p”.

Some of SpaceX’s transactions show funds moving from old “1” addresses to more modern formats, while other transfers seem to be further consolidation between new-format addresses.

03 Strategic Intent

Market analysis suggests that this series of Bitcoin transfers is closely related to SpaceX’s IPO plans. The company is preparing for what could be the largest IPO in history, with an estimated valuation of about $1.5 trillion.

This potential fundraising exceeding $30 billion is expected to surpass the $29 billion record set by Saudi Aramco in 2019.

For a company about to go public, clarifying financial structure and standardizing asset custody are essential. The organization and transfer of SpaceX’s Bitcoin assets are likely part of financial preparations for listing.

Meanwhile, Elon Musk recently expressed regret about participating in Dogecoin, which aligns with his strategic shift towards systematic, institutional capital operations in space industry ventures.

04 Market Reaction

As news of SpaceX’s Bitcoin transfers broke, the cryptocurrency market experienced intense volatility. Bitcoin price fell below $90,000 during December 11 trading, briefly touching $89,646, with a 24-hour decline of 2.79%.

This market fluctuation was closely related to the Federal Reserve’s announcement on December 10 to cut interest rates by 25 basis points. After the rate cut announcement, Bitcoin briefly surged to $94,500, then quickly dropped back to around $90,000.

The sharp volatility caused large-scale liquidations in the crypto market. Data from Coinglass shows that over the past 24 hours, total contract liquidations reached $302 million, with 114,600 traders wiped out.

05 Industry Impact

Recent Bitcoin transfers by SpaceX reflect the increasingly regulated management of digital assets by large tech companies. These transfers not only involve optimizing asset custody but also demonstrate the maturing operational models of institutional investors in the crypto space.

Observations show that Bitcoin operations by companies like SpaceX and Tesla often serve as market indicators. As more traditional enterprises enter the crypto field, this standardized asset management approach could become an industry norm.

From a broader perspective, enterprises choosing Bitcoin as reserve assets further solidify Bitcoin’s status as “digital gold”. As a leading tech company, SpaceX’s strategic allocation of crypto assets may influence more technology firms to consider including cryptocurrencies on their balance sheets.

06 Future Outlook

As SpaceX continues to advance its IPO plans, market focus on how it handles its Bitcoin assets will remain high. Analysts expect that SpaceX may further optimize its crypto asset structure before going public to meet regulatory requirements and investor expectations.

Meanwhile, the Bitcoin market itself faces multiple influencing factors. Standard Chartered has downgraded its Bitcoin price outlook, now estimating the end-of-year price at around $100,000, a significant reduction from previous predictions of $200,000.

Market observers point out that recent Bitcoin declines are driven by various factors, including low market liquidity, uncertainty over rate cuts leading to risk-off sentiment, and speculation that major corporate buyers may be selling some tokens.

Recent Bitcoin Transfer Activities by SpaceX

Future Outlook

As Bitcoin’s price retreated back below $90,000 in the afternoon of December 11, with a temporary intraday drop of 2.73%, the market’s intense volatility appears to have temporarily subsided. However, the transfer of nearly $100 million worth of Bitcoin by SpaceX acts like a stone thrown into a lake, with ripples still spreading.

When Musk openly expressed “regret participating in Dogecoin” on a podcast, his business empire was undergoing a silent but profound shift. From a crypto ambassador to a space capitalist, from personal influence to systematic capital operations, this strategic reversal is not only about a company’s IPO but could reshape the interaction between tech giants and the crypto world.

SpaceX’s Bitcoin wallet address has completed its upgrade, and the capital voyage toward the stars is quietly unfolding amidst the flow of crypto assets.