SpaceX Moves Bitcoin for First Time in Six Months as SPCX Stock Drops 25%

TLDR

• A SpaceX-linked wallet moved just $88 worth of Bitcoin after six months of inactivity
• SpaceX still holds 18,712 BTC worth around $1.16 billion
• SPCX stock closed down 6.83% on Tuesday, falling below its IPO debut price
• The stock is now down more than 25% despite joining the Nasdaq-100
• JPMorgan estimates the Nasdaq-100 inclusion could trigger $4.3 billion in passive fund buying

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A wallet linked to Elon Musk’s SpaceX moved Bitcoin for the first time in six months, triggering speculation in crypto markets. At the same time, SpaceX shares have fallen more than 25% from recent highs, even after the company was added to the Nasdaq-100.

Space Exploration Technologies Corp., SPCX

SpaceX Bitcoin Wallet Moves $88 in BTC

According to blockchain analytics firm Arkham Intelligence, a SpaceX-linked wallet transferred just $88 worth of Bitcoin on July 8. That ended a six-month stretch without any on-chain activity.

SPACEX JUST MOVED BITCOIN

A tagged SpaceX address just moved Bitcoin for the first time in 6 months. SpaceX (15atF) made a test transaction of $88 of BTC to SpaceX (bc1q9).

Is SpaceX about to move more BTC? pic.twitter.com/vQITSDKtGI

— Arkham (@arkham) July 8, 2026

The small size of the transfer did not stop speculation. SpaceX’s wallets have historically stayed inactive for long periods before larger moves.

Arkham data shows SpaceX still holds around 18,712 Bitcoin, valued at roughly $1.16 billion. The receiving wallet now holds 614 Bitcoin worth about $38 million.

The last major SpaceX transfer involved more than 1,016 Bitcoin worth nearly $100 million. Arkham also noted that outflows from SpaceX to unknown wallets increased around the crypto market decline on October 10 last year.

The transfer comes as several large corporate Bitcoin holders have been selling. Strategy sold around $216 million worth of Bitcoin last week. MARA Holdings, Nakamoto Holdings, and Sequans Communications have also disclosed Bitcoin sales recently.

Bitcoin was trading above $62,000 on Tuesday but was down nearly 2% on the day. The drop came after renewed strikes between the United States and Iran, with President Trump casting doubt on whether a cease-fire would hold.

SPCX Stock Falls Below IPO Price Despite Nasdaq-100 Entry

SPCX closed at $149.47 on Tuesday, down 6.83%, and hit an intraday low of $148.86. The stock is now more than 25% below its highs from about a month ago and has fallen below its IPO debut price.

SpaceX officially joined the Nasdaq-100 before the market opened on July 7. Nasdaq approved an accelerated entry under revised rules that allow large newly listed companies to qualify for the index faster than before.

JPMorgan estimates the index inclusion will force passive funds and exchange-traded funds to buy around $4.3 billion worth of SPCX shares as they rebalance to match the Nasdaq-100.

Despite that expected buying, investors continued to take profits following the stock’s sharp rally after its market debut.

Wall Street has maintained a positive view. Morgan Stanley, Goldman Sachs, and Citigroup have all started coverage on SpaceX with higher price targets. Morgan Stanley set a target of $300, the most bullish of the group.

Premarket trading on Wednesday showed shares edging up 0.49%.