SpaceX moved 1,021 bitcoins worth about $94.48 million on December 10, according to an on-chain alert from the blockchain tracker. The transfers were sent to wallets linked to Coinbase Prime, raising questions about whether the company was reorganizing part of its treasury amid growing interest in a potential public listing.
Ledger Shuffle raises questions.
The move is the latest in a series of large Bitcoin transfers involving wallets believed to be linked to SpaceX, according to the report.
Analysts tracking the deal say the pattern is closer to a shift toward institutional custody rather than an immediate market sale, as Coinbase Prime is commonly used for custody and structured transactions by large corporates.
SpaceX is estimated to hold approximately 8,285 BTC, an asset worth approximately $770 million based on recent market prices. That amount makes the company one of the largest individual holders of Bitcoin.
Records show the balance was once higher in 2022, but has declined some over time as transfers continued.
SpaceX(@SpaceX) just sent another 1,021. $BTC($94.48M), which may be delivered to Coinbase Prime for safekeeping: https://t.co/zW62EKM2RD pic.twitter.com/PwBIvD5RaR
— Lookonchain (@lookonchain) December 10, 2025
SpaceX: IPO talks add pressure
At the same time, according to reports in major media, SpaceX is preparing for an initial public offering (IPO) that could occur in 2026.
The funding round could reportedly target tens of billions of dollars, with the company’s possible valuation range from $800 billion to more than $1.5 trillion.
Elon Musk reacted to one of the reports on social media, saying that the information was accurate, adding further weight to expectations that an listing was being planned.
Since companies often adjust their balance sheets ahead of public offerings, analysts say it would not be uncommon to see cryptocurrencies moved to institutional platforms. It may be performed for audits, storage needs, or overall financial preparation prior to large financial transactions.
What movement can signal
Moving to Coinbase Prime does not automatically allow you to sell your Bitcoin. Institutional accounts allow you to store your assets for long periods of time without having to send them directly to the open markets.
Traders observing this activity say only actual sales, not custody transfers, will put immediate pressure on the Bitcoin price.
Nonetheless, the timing stands out. The recent 1,021 BTC move occurred during a period of increased on-chain activity for SpaceX. More transfers may follow as the company continues to prepare documents and financial disclosures related to a potential listing.
The key question now is whether the recent changes are routine financial work or part of a larger strategy related to the IPO.
SpaceX has not issued a public statement about the deal, so analysts will have to rely on blockchain data and regulatory reporting to understand what comes next.
Featured image from Unsplash, chart from TradingView
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