On-chain intelligence firm Arkham reported that SpaceX, the private aerospace company founded by Elon Musk, transferred 1,021 Bitcoin (BTC) on December 10, 2025. The transaction, valued at approximately $94 million, was split into two parts: 407 BTC and 614 BTC sent to separate addresses.
This activity is part of a recurring pattern observed over the past two months, where SpaceX has been moving roughly $100 million worth of BTC weekly. Analysts, including those at Arkham, suggest the funds are being moved into new self-custody wallets or institutional-grade storage, potentially linked to services like Coinbase Prime, rather than being sold. No exchange deposits have been identified, indicating this is likely a treasury management operation.
The movements coincide with intense speculation about a SpaceX initial public offering (IPO). According to a Bloomberg report citing unnamed sources, the company is considering a public listing as early as mid-to-late 2026, aiming to raise over $30 billion at a valuation of about $1.5 trillion. This would make it the largest IPO in history, surpassing Saudi Aramco's $29 billion listing in 2019.
SpaceX's Bitcoin holdings have significantly decreased from a peak of 25,000 BTC in 2022 to approximately 8,258 BTC (worth around $770 million) as of December 2025. The reduction of roughly 70% followed the market turmoil of the Terra-Luna collapse and FTX bankruptcy. Despite the drawdown, SpaceX remains the fourth-largest private corporate holder of Bitcoin. Combined with Tesla's holdings of over 11,500 BTC, Musk-linked companies control more than $1.4 billion in Bitcoin.
The strategic repositioning of Bitcoin into compliant custody frameworks is viewed as preparation for the financial transparency required for a public listing. If SpaceX proceeds with the IPO, it would become the 14th largest public Bitcoin holder and provide unprecedented insight into corporate treasury management of cryptocurrency.
