SpaceX Quietly Moves $257 Million in Bitcoin — Could This Be The Early Signs Of Liquidation?

Elon Musk’s SpaceX has quietly transferred $257 million worth of Bitcoin in its second major on-chain movement in just three months — reigniting speculation that the company could be preparing to offload part of its crypto holdings. The timing, coinciding with mounting competitive and financial pressure, has sparked debate over whether Musk’s space venture is rethinking its long-term stance on Bitcoin.

According to data from blockchain intelligence platform Nansen, two SpaceX-linked wallets executed large transactions on Tuesday — marking their first movements since July. A wallet labeled “1MDyM” transferred around $130 million in BTC to the address “bc1qj”, while another wallet, “1AXeF,” sent $127 million to “bc1qq.”

Neither of the receiving addresses has since sold or moved the funds, leaving analysts guessing whether these represent internal transfers, cold storage reorganizations, or the early stages of liquidation.

This follows a $153 million Bitcoin transfer in July, SpaceX’s first since 2022, which had already triggered speculation that the company was quietly repositioning its crypto exposure — potentially in anticipation of tighter liquidity conditions or changing balance sheet priorities.

Musk’s history with Bitcoin is complicated. While he has recently praised BTC’s energy-based, inflation-resistant design, his corporate actions often tell a different story.

SpaceX first disclosed its Bitcoin holdings in 2021, alongside Tesla’s $1.5 billion BTC purchase earlier that year. Yet, just months later, Tesla abruptly suspended Bitcoin payments over environmental concerns — an announcement that sent BTC tumbling nearly 6% within the hour.

Although Tesla still holds most of its Bitcoin, the company hasn’t reinstated crypto payments despite Musk’s previous pledge to do so once Bitcoin mining relied on “around 50% renewable energy.” That milestone has now been reached: data from climate venture capitalist Daniel Batten and analyst Willy Woo shows Bitcoin’s sustainable energy mix has surpassed 55%, the highest in history. Still, Musk has remained silent on whether his companies will renew their embrace of Bitcoin.

This contrast — between Musk’s public admiration of Bitcoin and SpaceX’s quiet wallet movements — has led some observers to wonder whether the billionaire is hedging his bets or discreetly stepping back from crypto exposure.

Financial Pressure Mounts as NASA Opens Lunar Contracts

The timing of SpaceX’s Bitcoin movements is particularly notable as the company faces rising external pressures. Earlier this week, NASA’s acting chief Sean Duffy announced plans to open the agency’s lunar lander contract to new competitors, citing slow progress on SpaceX’s Starship program.

“SpaceX has done tremendous work, but progress has been slow. We’re competing with China — we need the fastest and most reliable partner to land on the moon.”

The decision threatens to erode SpaceX’s previously exclusive position under its $4.4 billion Human Landing System (HLS) contract signed in 2021. The move could also invite rivals such as Blue Origin and Lockheed Martin to bid for upcoming missions, adding pressure on SpaceX to streamline its finances and maintain its edge in the global space race.

Against this backdrop, some analysts see the company’s Bitcoin movements as part of a broader liquidity or balance sheet management effort. In other words, SpaceX might be preparing for a more cash-focused phase as it braces for increased competition and project deadlines.

SpaceX May Be Quietly Reassessing Its Crypto Play

While no Bitcoin has been sold — at least not yet — the pattern of repeated large transfers suggests a more deliberate repositioning than routine wallet maintenance. Whether this represents a strategic reshuffle or a soft exit from crypto, the message is clear: Musk’s space empire is being more cautious with its Bitcoin exposure than before.

If SpaceX — one of the most innovative, risk-tolerant firms on the planet — is quietly tightening its grip on liquidity and moving away from volatile assets, it could hint at a broader sentiment shift among corporates toward conservatism amid global uncertainty.

Still, knowing Musk, any assumption could be premature. Just as he could launch a rocket and land it back on Earth, he could also send Bitcoin soaring again with a single tweet. But for now, SpaceX’s silent Bitcoin moves might be the clearest sign yet that even the world’s boldest visionary is playing defense.