SpaceX moved 1,021 Bitcoins worth approximately $94.48 million on December 10, according to on-chain alerts from blockchain trackers. The transfers were sent to a wallet associated with Coinbase Prime, raising questions about whether the company is restructuring some of its finances amid increased attention about a potential listing.
Ledger shuffle raises questions
The move is just the latest in a series of large-scale Bitcoin transfers involving wallets believed to be linked to SpaceX, according to reports.
Analysts tracking the trades say the pattern appears more like a move into institutional custody than an immediate market sale, as Coinbase Prime is typically used for storage and structured trading by large corporations.
SpaceX is estimated to hold around 8,285 BTC, a stash worth around $770 million based on recent market prices. This amount makes the company one of the largest private holders of Bitcoin.
Records show that the balance increased at one point in 2022, but some of it decreased over time as transfers continued.
SpaceX(@SpaceX) transferred 1,021 more $BTC($94.48 million), which may be stored on Coinbase Prime. https://t.co/zW62EKM2RD pic.twitter.com/PwBIvD5RaR
— Lookonchain (@lookonchain) December 10, 2025
SpaceX: Pressure builds on IPO talk
At the same time, SpaceX is preparing for an initial public offering that could take place in 2026, according to major media reports.
The funding round’s target could reportedly be in the tens of billions of dollars, with the company’s estimated valuation ranging from $800 billion to more than $1.5 trillion.
Elon Musk responded to one of the reports on social media, saying the information was accurate and adding to hopes that a listing is planned.
Analysts say it is not uncommon for cryptocurrencies to move to institutional platforms, as companies often adjust their balance sheets before going public. This can be done for audits, storage needs, or overall financial preparation before a large financial transaction.
What does this move suggest?
Transferring money to Coinbase Prime does not automatically mean a Bitcoin sale is in progress. Institutional accounts allow you to hold assets for long periods of time without transferring them directly to the open market.
Traders watching this move say that only an actual sale, not a custody transfer, would put immediate pressure on Bitcoin prices.
Still, the timing is outstanding. The latest 1,021BTC move comes at a time when SpaceX’s on-chain activity is increasing. More moves could follow as the company continues to prepare documents and financial disclosures related to a potential listing.
The main question now is whether the recent shift is routine in financial operations or part of a larger strategy related to IPOs.
SpaceX has not released any public statements regarding the deal, leaving analysts to rely on blockchain data and regulatory filings to understand what happens next.
Featured image from Unsplash, chart from TradingView
