Elon Musk’s aerospace firm SpaceX has once again drawn attention from the crypto community after moving $257 million worth of Bitcoin — its second major transfer in just three months. The move has reignited speculation over whether the company might be offloading part of its holdings amid rising financial and political headwinds.
According to on-chain data from Nansen, two wallets linked to SpaceX — “1MDyM” and “1AXeF” — carried out transactions on Tuesday, sending $130 million and $127 million worth of Bitcoin respectively to new addresses labeled “bc1qj” and “bc1qq.” So far, neither of the recipient wallets has shown signs of further movement or sales, and SpaceX has not issued any public statement regarding the transfers.
This latest transaction follows a $153 million Bitcoin movement in July, marking SpaceX’s first on-chain activity since 2022.
While Elon Musk has often praised Bitcoin’s decentralized and energy-based economic principles, his companies’ relationship with the crypto market remains complex. SpaceX first confirmed holding Bitcoin in 2021 — the same year Tesla revealed its own $1.5 billion BTC purchase. However, that same year Tesla temporarily halted Bitcoin payments due to environmental concerns, causing a sharp 6% dip in Bitcoin’s price at the time.
Since then, Tesla has retained most of its Bitcoin holdings, but it hasn’t resumed crypto payments despite Musk’s previous statements that such a move could return once Bitcoin mining reached higher renewable energy usage. Data from climate tech investor Daniel Batten and analyst Willy Woo now suggest that over 55% of Bitcoin mining energy comes from sustainable sources — the highest level ever recorded.
Mounting Pressure Around SpaceX and NASA’s Lunar Program
The renewed attention on SpaceX’s Bitcoin movements coincides with heightened scrutiny of the company’s broader operations. NASA recently announced that its lunar lander contract — originally awarded to SpaceX — will be reopened to additional bidders due to delays in the Starship development timeline.
“We’re in a race with China to return to the Moon,” NASA’s acting chief Sean Duffy said during a CNBC interview. “SpaceX has made great progress, but the pace has been slower than expected. We need to ensure we’re working with the most capable team to make that happen.”
The $4.4 billion agreement signed in 2021 originally targeted a 2027 lunar landing using SpaceX’s fully reusable Starship system. With the contract now open again, major aerospace rivals such as Blue Origin and Lockheed Martin are expected to compete for the same mission — adding further competitive pressure on Musk’s already stretched empire.
Whether the latest Bitcoin movements signal a portfolio reshuffle, liquidity maneuver, or something else entirely remains unclear — but once again, SpaceX’s quiet on-chain activity has managed to send waves through both the crypto and aerospace industries.
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