SpaceX conducted its first Bitcoin transaction in six months on July 8, 2026, sending $88 worth of Bitcoin between two of its tagged wallets. According to Arkham Intelligence, the largest transfer moved 0.00213 BTC between two wallets, while a second transaction sent 0.00139 BTC or approximately $89. The wallet, tagged by Arkham on Wednesday, also received 0.000738 BTC or around $47 from Coinbase Prime's custody service to cover network fees before a larger transaction. The transaction, while negligible in dollar terms, carries outsized significance due to SpaceX's profile and recent disclosure of its full crypto holdings. Notably, the first address carries a 'Coinbase Prime Custody' tag, suggesting the company is actively managing its institutional custody arrangements.
The tiny test transfers follow SpaceX's established pattern of conducting standard custody verification steps before larger transfers. As reported by Arkham Intelligence, this mirrors the company's approach in October 2025, when 2,495 BTC worth $257 million landed in two fresh wallets after months of quiet. The company had previously shifted $300 million to Coinbase Prime custody in July 2025. According to BigGo Finance, the receiving wallet also carries a SpaceX tag, strongly suggesting the funds moved between company-controlled addresses rather than to an exchange deposit wallet. Prior to the six-month pause, on-chain data from Arkham showed a pattern of substantially larger transactions between several SpaceX-tagged wallets, with individual transfers ranging from tens of millions to more than $140 million, and combined holdings across SpaceX-linked wallets valued at more than $1.15 billion. The last time the wallets moved in size was six to seven months ago, when SpaceX shifted roughly 1,000 BTC at a time between its own addresses and Coinbase Prime custody, again without sending anything to an exchange.
Despite the speculation, BitcoinTreasuries shows SpaceX's holdings remain unchanged at 18,712 BTC, unchanged since the May 21 S-1 filing that preceded the company's June 12 IPO. According to Arkham Intelligence, the disclosure revealed 10,427 BTC that had never been traced by on-chain trackers, who had previously estimated roughly 8,285 BTC. The current Bitcoin price of approximately $62,000 means the stash is worth about $1.16 billion, down from $1.29 billion at the end of the first quarter due to Bitcoin's price decline from $1.64 billion at the end of 2025. At current prices, the total portfolio value reaches approximately $1.16 billion, with SpaceX founder Elon Musk now overseeing more than 30,000 BTC across SpaceX and Tesla combined. As a public company, SpaceX's Bitcoin treasury strategy will come under increased scrutiny, with the company now among the largest de-anonymized entities on Arkham with the 'BTC Treasury Company' tag.
The wallet activity comes as SpaceX has drawn broader market attention this year over its Nasdaq listing last month, which has fueled retail trader interest in the company. SPCX closed 6.83% lower at $149.47 on Tuesday after touching an intraday low of $148.86, leaving the stock below its IPO debut price and more than 25% below levels seen about a month ago. Premarket trading on Wednesday showed the shares edging up 0.49%, though retail sentiment around SPCX remained in the 'bearish' zone on Stocktwits. In contrast, Bitcoin's price was trading at $62,000, down 2% over the day due to fears of the war in Iran, with retail sentiment around BTC remaining in the 'bullish' zone. According to TradingView News, it is less likely that SpaceX is looking to sell such a small amount, which is often referred to as a dust transaction used for technical rather than financial reasons to verify wallet functionality and test connectivity between hot and cold storage systems. The reappearance of activity from SpaceX's labeled wallets after half a year of dormancy confirms that the team managing these funds is actively overseeing the addresses, with small test transactions of this nature often preceding larger operational activity.
