SpaceX Sparks Bitcoin Speculation With $88 Test Transfer To Coinbase After Six Months Of Wallet Silence

• A SpaceX-linked Bitcoin wallet moved funds for the first time in six months, sending an $88 test transaction between two SpaceX-tagged addresses and sparking speculation about a larger transfer.
• Arkham noted that similar wallet activity has previously preceded much larger movements, including transfers worth tens of millions of dollars involving Coinbase Prime custody addresses.
• The transfer comes amid heightened investor attention on SpaceX, with traders watching whether the test transaction signals a broader reshuffling of the company's Bitcoin holdings.

A SpaceX (SPCX)- tagged Bitcoin (BTC) wallet moved funds for the first time in six months, sparking speculation that the address is preparing for a larger transfer, according to on-chain analytics platform Arkham.

The wallet, tagged by Arkham on Wednesday, sent an $88 test transaction in BTC to another SpaceX-tagged address, labeled “bc1q9.” "Is SpaceX about to move more BTC?" Arkham asked, framing the small transfer as a possible precursor to a larger movement.

Prior to the six-month pause, on-chain data from Arkham showed a pattern of substantially larger transactions between several SpaceX-tagged wallets. Individual transfers ranged from tens of millions to more than $140 million, with combined holdings across SpaceX-linked wallets valued at more than $1.15 billion. 

However, it is less likely that SpaceX is looking to sell such a small amount, which is often referred to as a dust transaction. Dust transactions are small transfers of cryptocurrency, usually worth a few dollars or cents, made for technical rather than financial reasons. They are often used by companies and custodians to verify that a wallet address is working and under their control before sending a larger transfer to it, or to test connectivity between hot and cold storage systems.

SpaceX's Bitcoin Holdings

SpaceX held roughly 18,712 BTC, making it the eighth-largest corporate holder of Bitcoin among public companies. The company spent roughly $661 million to acquire the position, valued at around $1.29 billion at the end of the first quarter, down from about $1.64 billion at the end of 2025 due to Bitcoin's price decline.

SpaceX's Public Market Moves

The wallet activity comes as SpaceX has drawn broader market attention this year over its Nasdaq (NDAQ) listing last month, a development that has fueled retail trader interest in the company.

SPCX stock was up 0.6% to $150 in early-morning trading. On Stocktwits, the retail sentiment around SPCX remained in the ‘bearish’ zone, while chatter around it stayed at ‘extremely low’ levels over the past day.

In contrast, Bitcoin’s price was trading at $61,878, down 2% over the past day, driven by fears of the war in Iran. On Stocktwits, retail sentiment around BTC remained in the ‘bullish’ zone, while chatter stayed at ‘normal’ levels over the past day.

Read also: What Is BNB Chain's New AI Blockchain? Everything To Know About Its Agentic Trading Network

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