SpaceX expands Bitcoin custody on Coinbase prime before possible IPO
SpaceX, the largest space company, continues consolidating its Bitcoin holdings, transferring another 1,021 BTC worth about $95 million to Coinbase Prime on December 10.
Since early December, Elon Musk’s SpaceX has drawn blockchain analysts’ attention to its Bitcoin activity. Last week, it moved 1,083 BTC—roughly $100 million—sparking speculation that SpaceX is consolidating its Bitcoin assets with institutional custodians.
This Wednesday, according to blockchain analysis conducted by Finbold via Arkham, the company transferred an additional 1,021 BTC from a known SpaceX wallet to an address associated with Coinbase Prime custody.
The aerospace company has been one of the largest known corporate Bitcoin holders at least since 2021, when Musk first confirmed the existence of these assets.
Arkham data shows that SpaceX currently controls 3,991 BTC valued at approximately $367 million. The transaction history indicates that the company has been actively reallocating its Bitcoins throughout November and December, primarily through Coinbase Prime custody channels.
What’s next?
However, this trend suggests treasury management rather than liquidation, as the assets remain visible on-chain and labeled as SpaceX wallets.
The recent movements intrigue observers not only due to potential selling implications, but also in the context of plans for a 2026 SpaceX IPO at an estimated $1.5 trillion valuation. If Musk’s company continues holding Bitcoin on its balance sheet, it would mean another major Bitcoin holder entering the ranks of the world’s largest publicly traded companies.
As we wrote, Elon Musk outlines Starlink as major revenue driver amid NASA revenue drop
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