A wallet linked to Elon Musk’s SpaceX has transferred 1,308 Bitcoin to a new wallet after being dormant for 3 years. This move which occurred earlier today has raised questions about Elon Musk’s overall crypto plan. The movement also comes just a day before Tesla’s release of its second-quarter (Q2) earnings report further raising eyebrows. 

The timing of SpaceX’s Bitcoin movement has also attracted the attention of traders and investors who are now closely awaiting Tesla’s financial performance and any changes to its Bitcoins holdings. However, as Tesla prepares to announce its Q2 earnings on Wednesday, July 23, the crypto community is questioning whether Musk’s companies are strategically repositioning for a market shift.

SpaceX Reactivates Dormant Bitcoin Wallet

On-chain data from Arkham Intelligence confirmed that a Bitcoin wallet linked to SpaceX transferred 1,308 BTC, valued at approximately $153 million, to an unknown address. This transfer is significant because the wallet has been inactive since June 10, 2022. Simply, the wallet has not been associated with any outgoing or ingoing transactions. 

BREAKING: SPACEX JUST MOVED BITCOIN FOR THE FIRST TIME IN 3 YEARS

They sent 1.3K BTC ($153M) to a fresh address this morning.

Cycling custody wallets or moving to sell? pic.twitter.com/bFkhkjYdho

— Arkham (@arkham) July 22, 2025

This unpredictable movement has raised concerns about Elon Musk‘s future crypto strategy, especially as his businesses face a difficult macroeconomic situation. In particular, the Tesla and SpaceX founder had a fall out with the US President Donald Trump, with Tesla set to lose government subsidies after the passing of the Big Beautiful Bill. 

Despite the recent movement, data by Arkham intelligence shows that SpaceX still possesses 6,977 BTC worth approximately $830.74 million as of this writing. Bitcoin (BTC) is currently trading at $119,068. 

Coinbase Prime custodies the Bitcoin holdings of SpaceX, as well as Tesla’s 11,509 BTC holdings worth around $1.36 billion. As both companies are among the largest corporate holders of Bitcoin, the latest transaction by SpaceX has stirred speculation across the market. 

Options and Earnings activity Tesla Spurs Speculation

Investors are closely waiting for Tesla’s Q2 earnings report to be released on July 23. According to market analysts, the report is supposed to show a notable change in revenue streams. Tech investor Samsolid, for instance, predicts the automakers revenue may drop 19.6% year-over-year (YoY), while energy and services segments could grow by 67% and 15.3%, respectively.

“If Energy continues to grow as a larger share of total revenue, we could see overall revenue acceleration,” Samsolid wrote. 

The shift could reshape Tesla’s long-term valuation narrative by reducing its dependency on vehicle sales and strengthening recurring income from energy and infrastructure projects.

Options traders too have reacted to this increasing anticipation. For example, according to a post by options specialist Andrew Hiesinger, traders placed more than $47 million worth of net call on the TSLA stock. Among the most notable trades was a push involving the purchase of TSLA 550 calls at a price of $1.5 million. This purchase shows an act of optimism regarding Tesla’s performance and future performance. 

“Someone just bought $1,500,000 worth of $TSLA 550 calls this morning…Tesla reports earnings this week!” John Trades MBA posted. 

Bitcoin Market Brace for Volatility

The close synchronization of SpaceX’s Bitcoin transfer and the Tesla quarterly earnings report has increased uncertainty in both the crypto and stock market. Investors specifically want to know whether Tesla changed its Bitcoin holdings in Q2. Such an announcement could affect the direction of the price of Bitcoin. 

Tesla remains the ninth-largest public company holding Bitcoin, according to data by Bitcoin Treasuries. Although SpaceX does not appear on the list as a private firm, its recent activity underscores its significant crypto footprint.

As Wednesday’s earnings report approaches, questions remain about Musk’s broader financial maneuvers. Crypto market investors want to know whether Elon Musk’s firm is planning to sell Bitcoin or if the recent transfer is just part of a seasonal wallet switch.