Elon Musk’s SpaceX transferred 1,163 Bitcoin, worth approximately $105 million, to a new wallet on Thursday, prompting analysts to suggest the move is part of a custody strategy rather than a plan to sell.

The transaction, which took place during early Asian trading hours, is believed to have been directed to Coinbase Prime for custodial services. This follows a similar transfer in October when the aerospace company moved 1,215 BTC, valued at $133.7 million, to several new addresses.

Following this latest transfer, data from Arkham shows that SpaceX’s wallet now holds a total of 6,095 BTC, worth nearly $553 million. This positions the company fourth among privately held firms with significant Bitcoin treasuries.

Custody Over Liquidation

The wallet in question had been dormant for three years before it resumed activity in late July 2025. While the company once held as much as 25,000 BTC in 2022, it later consolidated its holdings and reduced its on-chain balance to current levels.

SpaceX has not officially commented on the reason for the transfer, leaving it unclear whether it signals a sale, an internal restructuring, or an upgrade to its security measures. However, market observers widely believe the shuffle points toward an improved custody plan, not a liquidation event. The receiving wallets have shown no outgoing transfers or exchange interactions, reinforcing this theory.

Market sentiment suggests that when major institutions like SpaceX move significant assets, it’s a calculated decision. These quiet transfers are often seen as a stronger signal of strategic positioning than a formal announcement.

Meanwhile, Tesla, another firm led by Musk, maintains a substantial Bitcoin position. It currently holds 11,509 BTC, valued at $1.05 billion, making it the 11th largest public company holding Bitcoin.

Bitcoin Rebounds Above $90,000

The broader crypto market saw positive movement, with Bitcoin surging 4.35% in the last 24 hours. The rally marked a recovery from a monthly drop of nearly 20%, aligning with a 3.35% gain across the total crypto market cap.

Bitcoin bounced from a key support level around $86,000 and now faces resistance near $89,000. Reclaiming this level could set the stage for a push toward $93,000. At the time of writing, the leading cryptocurrency was trading at approximately $91,230.