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SpaceX Transfers 1,163 BTC to Coinbase Prime
SpaceX moved 1,163 Bitcoin (approximately $105 million) to a new wallet likely linked to Coinbase Prime on Nov. 27, according to blockchain analytics firm Arkham Intelligence. The transfer, executed during early Asian trading hours, follows a similar October movement of 1,215 BTC and has drawn attention from on-chain analysts monitoring corporate Bitcoin custody activity.
Transaction details and on-chain signals
Blockchain records show the funds were routed to addresses that appear to be custody wallets rather than retail exchange accounts. Both receiving addresses currently show no outbound transfers, exchange interactions, or liquidation activity — indicators that analysts interpret as internal custody reshuffling rather than a sale. Arkham Intelligence and other data providers flagged the transfers as consistent with institutional custody operations, pointing to Coinbase Prime as the probable custodian.
Background: SpaceX's Bitcoin holdings and activity
SpaceX’s on-chain wallet now holds 6,095 BTC after the recent transfer, according to BitcoinTreasuries, placing the company among the largest private corporate holders of Bitcoin. The wallet was dormant for roughly three years until it resumed activity in late July 2025. SpaceX once held as much as about 25,000 BTC in 2022 before gradually reducing its visible on-chain balance to current levels.
Previous movements and context
The November transfer mirrors the October redistribution, suggesting an ongoing custody reorganization. Market watchers and institutional custody experts note that large corporations frequently rebalance how they store crypto — moving assets between cold wallets, custodial solutions like Coinbase Prime, or multi-signature arrangements to enhance security or comply with evolving internal policies.
Market implications and related corporate holdings
Analysts emphasize that these transfers do not necessarily signal liquidation. With both receiving addresses lacking exchange activity, the evidence points to a custody reshuffle. Meanwhile, Tesla — another Elon Musk-linked company — still reports holding 11,509 BTC and ranks among the top public firms with Bitcoin on their balance sheets, per BitcoinTreasuries.
Bitcoin price and sector outlook
The macro crypto market has shown signs of recovery after a monthly dip, and Bitcoin’s recent rebound has coincided with renewed on-chain activity from corporate wallets. For investors and observers, these custody moves underscore the ongoing professionalization of institutional crypto custody and the importance of distinguishing between transfers for security or compliance and outright sales or liquidations.
SpaceX has not issued a public statement clarifying the purpose of the transfers. Until firms disclose motives, on-chain analysis remains the primary tool for interpreting large corporate Bitcoin movements.
Source: crypto
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