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SpaceX has moved $153 million in Bitcoin after three years of dormancy, reigniting discussions about Elon Musk’s evolving cryptocurrency strategy.
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The timing of this significant Bitcoin transfer coincides with growing anticipation for Tesla’s Q2 earnings report, intensifying market speculation on Musk’s corporate crypto holdings.
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Industry analysts are closely monitoring Tesla’s Bitcoin portfolio for potential adjustments in Q2, which could influence the company’s long-term valuation and investor sentiment.
SpaceX’s $153M Bitcoin move after three years sparks speculation ahead of Tesla’s Q2 earnings, highlighting Musk’s strategic crypto positioning and market impact.
SpaceX Reactivates Dormant Bitcoin Wallet with $153 Million Transfer
After a prolonged period of inactivity, SpaceX executed a notable Bitcoin transaction, moving 1,308 BTC to a new wallet. This shift, uncovered by on-chain analytics firm Lookonchain, marks a rare movement from one of the most scrutinized corporate Bitcoin holders.
The last outbound transaction from this wallet was recorded on June 10, 2022, making the recent transfer a significant behavioral change. According to Arkham Intelligence, SpaceX still retains approximately 6,977 BTC, valued near $822.65 million, positioning it as a major player in corporate Bitcoin holdings.
SpaceX Bitcoin Holdings. Source: Arkham Intelligence
SpaceX’s Bitcoin assets are held under Coinbase Prime custody, alongside Tesla’s 11,509 BTC stash worth around $1.36 billion. This recent activity has reignited speculation about Elon Musk’s broader cryptocurrency strategy, especially as Tesla prepares to release its Q2 earnings report.
Market participants are keenly observing whether this movement signals a strategic repositioning or a prelude to further corporate crypto activity.
Market Anticipation Builds Ahead of Tesla’s Q2 Earnings
Investor sentiment ahead of Tesla’s earnings announcement is notably bullish, as evidenced by a surge in options trading volume. Over $47 million in net call options were purchased on Tesla stock (TSLA) on July 18 alone, reflecting optimism about the company’s near-term performance.
Tesla (TSLA) Calls on Friday. Source: Analyst Andrew Hiesinger on X
Notably, a $1.5 million purchase of TSLA 550 calls was flagged by trader John Trades, underscoring expectations for a strong earnings report despite Tesla’s challenging year.
Someone just bought $1,500,000 worth of $TSLA 550 calls this morning
Tesla reports earnings this week…don’t make me believe pic.twitter.com/8eYoDuoY7C
— John Trades MBA (@JPATrades) July 21, 2025
Tesla’s Revenue Mix Shift and Its Implications for Bitcoin Holdings
Analysts expect Tesla’s Q2 earnings to reveal a significant shift in revenue streams. Projections indicate a 19.6% year-over-year decline in automotive revenue, contrasted by a 67% increase in energy revenue and a 15.3% rise in services.
Tech investor Samsolid highlighted on X that “if energy continues to grow as a larger share of total revenue, we could see overall revenue acceleration.” This evolving revenue composition could reshape Tesla’s valuation narrative by reducing dependency on vehicle sales and emphasizing recurring income sources.
Within this context, the crypto community is particularly interested in whether Tesla adjusted its Bitcoin holdings during Q2. Stock market reporter Ed Carson raised pertinent questions about potential changes in Tesla’s Bitcoin accounting, zero-emission vehicle credit impacts, and tariff-related margin effects on Tesla Energy.
Elon Musk’s Dual Corporate Crypto Moves Heighten Market Volatility
The simultaneous resurgence of SpaceX’s Bitcoin activity and Tesla’s impending earnings report has amplified market volatility expectations. Investors and traders are speculating whether Musk is repositioning his crypto assets in response to broader financial market trends or signaling a renewed commitment to cryptocurrency holdings.
With Tesla ranked as the ninth-largest public company Bitcoin holder and SpaceX maintaining a substantial private stake, Musk’s corporate crypto maneuvers remain a focal point for market watchers.
Top public companies holding BTC. Source: Bitcoin Treasuries
Conclusion
The recent $153 million Bitcoin transfer by SpaceX after years of dormancy, coupled with Tesla’s upcoming Q2 earnings report, underscores a pivotal moment in Elon Musk’s corporate crypto strategy. Market participants should closely monitor these developments, as they could signal strategic portfolio adjustments with implications for Bitcoin’s price dynamics and Tesla’s valuation trajectory. Staying informed and agile will be essential for investors navigating this evolving landscape.
