SpaceX Bitcoin movement sparks jitters as SPCX stock slides

Arkham Intelligence data confirms the transfer involved a test transaction between two SpaceX-controlled addresses. While the firm retains roughly 18,712 BTC—valued at approximately $1.16 billion—the sudden on-chain activity follows a pattern of divestment by other major corporate treasury holders, including recent $216 million sales by Strategy. The timing is particularly sensitive, as Bitcoin prices remain suppressed near $62,000 amid escalating geopolitical tensions in the Middle East.

Simultaneously, the company’s stock, trading under the ticker SPCX, faces significant downward pressure. Shares closed Tuesday at $149.47, marking a 25% decline from highs reached just a month ago and sliding below the IPO debut price. This retreat persists despite the firm’s accelerated inclusion in the Nasdaq-100 on July 7, a milestone JPMorgan analysts previously estimated would trigger $4.3 billion in passive fund inflows. While institutional sentiment from firms like Morgan Stanley—which maintains a $300 price target—remains bullish, current trading suggests investors are prioritizing profit-taking over the index-tracking mandates.