Bitcoin News Today: SpaceX's Bitcoin Shuffle Signals Institutional Shift to Custodial Security

SpaceX has once again moved a significant portion of its Bitcoin holdings, transferring $134 million worth of BTC to new wallets on October 24, 2025, according to on-chain data from blockchain analytics firm Arkham on-chain data. The transactions included 300 BTC ($33 million) and 915 BTC ($100.7 million), marking the second time this week that the aerospace company has reorganized its cryptocurrency portfolio. This follows a prior transfer of 2,395 BTC ($268 million) earlier in the week, ending three months of inactivity in SpaceX's Bitcoin operations. Analysts suggest the movements could indicate a shift toward custodial services, with some transactions potentially routed through Coinbase Prime.

The latest activity adds to speculation about SpaceX's long-term strategy for its cryptocurrency holdings. The company currently holds approximately 6,970 BTC, valued at around $770 million, while its sister company Tesla maintains 11,509 BTC, worth $1.24 billion. Tesla, which sold most of its BTC holdings in 2022, now ranks 11th among public companies with Bitcoin treasuries. In contrast, companies like Strategy (640,418 BTC) and MARA (53,250 BTC) hold significantly larger reserves.

The timing of SpaceX's transfers has drawn attention from the crypto community. The October 24 transactions occurred just three days after a $268 million BTC movement, which was split into 1,187 BTC and 1,208 BTC. On-chain analysis points to a possible reorganization of wallets, with fees potentially paid to Coinbase Prime for custody services. Such activity aligns with broader trends of institutional players managing digital assets through custodians to enhance security and streamline operations.

Elon Musk's companies have been notable participants in the Bitcoin market. While Tesla's BTC sales in 2022 sparked debates about corporate crypto strategies, SpaceX's recent moves suggest a more active approach to asset management. The aerospace giant's Bitcoin holdings remain a small fraction of its overall financial resources but underscore the growing integration of cryptocurrencies into corporate treasuries.