Why is Elon Musk Shuffling BTC Ahead of Rumored SpaceX IPO?

[Ben Graham]

What’s going on with SpaceX and its Bitcoin (BTC) holdings? The privately held company has been in the news for a while regarding its BTC reshuffling activities, and has once again made the news for the same reason.

On-chain data suggests that the company shifted a massive chunk of its Bitcoin BTC $90,394.99 2.57% Bitcoin BTC Price $90,394.99 2.57% /24h Volume in 24h $47.33B Price 7d holdings, worth over $94 million, on 10 December 2025. All this BTC shuffling business has come about as the company gears up for a possible IPO in 2026.

Online blockchain sleuths at Arkham Intelligence spotted the move early on, saying that SpaceX-linked wallets sent about 1,021 BTC to two different addresses, split into 407 and 614 BTC.

SPACEX JUST MOVED $94M $BTC

SpaceX just transferred $94M of BTC. They have been moving around $100M of BTC every week for around the past 2 months now.

Of this transfer, $37.66M was transferred to a new address, while $56.82M was change. pic.twitter.com/LVPg3037w4

— Arkham (@arkham) December 10, 2025

“SpaceX just transferred $94 million of BTC. They have been moving around $100 million of BTC every week for around the past two months now,” Arkham posted on X.

SpaceX or Elon Musk has made no comments on this matter so far.

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From 25,000 BTC to 8,285: SpaceX Slims Down Crypto Stash

Interestingly, SpaceX hadn’t touched its BTC stash in over three years. However, earlier this year, it started moving around its coins more frequently. This recent shuffling of its BTC has come in just a week after it moved roughly $100 million worth of BTC around.

BREAKING: SPACEX JUST MOVED BITCOIN FOR THE FIRST TIME IN 3 YEARS

They sent 1.3K BTC ($153M) to a fresh address this morning.

Cycling custody wallets or moving to sell? pic.twitter.com/bFkhkjYdho

— Arkham (@arkham) July 22, 2025

Back in 2022, SpaceX’s BTC holdings were massive. The company held 25,000 BTC, which has dwindled in size ever since, and as of 10 December 2025, SpaceX is sitting on 8,258 BTC, valued at around $770 million.

This makes SpaceX the fourth-largest private company holding BTC, and if it goes public, it would rank as the 14th biggest holder of BTC.

SpaceX slashed its BTC holdings by roughly 70% after the broader crypto landscape was rocked by the Terra-Luna crash and the FTX bankruptcy.

On the other hand, Tesla, another company owned by Musk, is still holding on to more than 11,500 BTC worth $1 billion at current prices. Put together, Musk-linked companies control more than $1.4 billion in BTC.

(Source: Bitcoin Treasuries)

For the most part, the recent transfers look like routine treasury management tasks. SpaceX is shifting its BTC into new self-custody wallets rather than selling the assets. Also, there are no signs of exchange deposits.

DATs like Strategy often move around large chunks of BTC for custody updates, so in that regard, SpaceX shuffling its BTC looks perfectly normal.

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SpaceX IPO Plans To Dwarf Saudi Aramco’s 2019 Listing

If recent chatter is to be believed, SpaceX could launch its IPO as early as mid-to-late 2026, although some insiders think that it may spill over to 2027 depending on market conditions.

According to a Bloomberg report, the company is planning to raise more than $30 billion, with a target valuation of about $1.5 trillion, which is crazy. The numbers are big enough to beat out Saudi Aramco’s massive $29 billion listing back in 2019.

Now, for investors planning to get in on the action, an investment in SpaceX would obviously entail exposure to rockets, satellites, and the Starlink internet side of things. It would also include exposure to the company’s crypto holdings.

Prediction markets (currently sitting at 67%) are already factoring in the chances of the IPO hitting a valuation of above $1 trillion.

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Key Takeaways

• SpaceX moved 1,021 total BTCs worth $94 M to two different wallets, sparking IPO rumors
• The company’s Bitcoin stash shrank from 25,000 BTC in 2022 to 8,285 BTC today
• SpaceX aims to raise over $30B in its upcoming IPO, targeting a $1.5T valuation

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