Elon Musk's space company has made its first on-chain Bitcoin transaction in six months. This involves a test transfer of just $88 between two tagged addresses. This seemingly minor step immediately caught the attention of analysts and sparked a wave of questions about the future of SpaceX's Bitcoin reserves.
Wallet Change or Signal to Sell?
Specialists at Arkham Intelligence detected a transfer of funds from the long-dormant address "15atF" to a new one, "bc1q9." According to public data, SpaceX holds 18,712 BTC in its accounts, and the company typically only disturbs its reserves at moments noticeable to the market. A test transfer is standard practice when changing storage: first, a small amount is sent to verify the new address, then the bulk is moved. However, the context adds intrigue.
SpaceX has used this pattern before. In October 2025, after a long pause, the company transferred 2,495 BTC (worth $257 million) to two new wallets. And in July 2025, it placed $300 million in custody with Coinbase Prime. Traders also recall past sales: during the market downturn in 2022, SpaceX sold two large batches of coins. For comparison, Tesla has consistently held 11,509 BTC on its balance sheet since 2024.
Balance Unchanged — No Need to Panic Yet
There are currently no direct signs of a sale. According to BitcoinTreasuries, SpaceX still owns 18,712 BTC — the amount has not changed since the S-1 report was published on May 21. This document, incidentally, forced analysts to revise their estimates: they previously believed the company held about 8,285 BTC, but the disclosed documents revealed an additional 10,427 previously untracked coins. Arkham's labels show less than half of the actual volume.
Control is concentrated in one pair of hands: Elon Musk's stake exceeds 85%, so any asset operations depend solely on his decisions. The timing of the publication adds further intrigue: this week, SpaceX shares entered the Nasdaq-100 index, while Bitcoin is trading around $62,000 — roughly half of its October peak of $126,000. The current reserve is valued at $1.2 billion, compared to $1.45 billion at the time of the data disclosure.
Information about wallets quickly impacts sentiment. Last week, a report on larger sales by MicroStrategy sparked a wave of discussions. Meanwhile, transactions involving old Bitcoin addresses typically indicate consolidation rather than a sale. If events follow the usual pattern, the $88 transfer is more likely an internal operation than a withdrawal. But new transactions from this address in the coming days will reveal whether a real asset reshuffling has begun.
My professional opinion: For now, this is a classic technical maneuver, not a signal for a sell-off. Given SpaceX's recent inclusion in the Nasdaq-100 and current market conditions, any major Bitcoin movement by Musk will have serious implications for market sentiment. Keep an eye on the "bc1q9" address — if a transfer to an exchange follows, it will change the picture.