Tesla likely still owns its entire Bitcoin stash, valued at around $780 million, even after moving all the funds to unidentified wallets on October 15, according to blockchain analytics firm Arkham Intelligence.
Bitcoin Split Across Multiple Wallets
In a post on X (formerly Twitter) on October 22, Arkham Intelligence stated, “We believe that the Tesla wallet movements that we reported last week were wallet rotations with the Bitcoin still owned by Tesla.”
On October 15, Tesla split its 11,509 Bitcoin into seven wallets, each holding between 1,100 and 2,200 BTC, according to Arkham’s data. Two of these wallets, identified by the addresses “1Fnhp” and “1LERL,” received the largest amounts, valued at $142.2 million and $128.1 million, respectively.
The large transfers initially sparked fears of a possible market sell-off, causing concern on social media platforms like X. However, Arkham’s data shows that no Bitcoin has been moved from these wallets since October 15.
Despite these massive transfers, Bitcoin’s price saw no negative impact. Instead, the cryptocurrency’s value rose by 5% after Tesla’s movements, reaching $69,220 on October 21, according to CoinGecko. The price has since dipped by 2.3%, settling at $67,600.
Speculation on Tesla’s Intentions
While the reason behind Tesla’s transfers is still unclear, some speculate that the funds might be moved to a custodian, possibly allowing Elon Musk’s company to secure a loan using its Bitcoin holdings. Tesla’s executives may provide further details during their third-quarter earnings call, scheduled for October 23.
If Arkham’s analysis is accurate, Tesla remains the fourth-largest corporate holder of Bitcoin. The company trails behind MicroStrategy, Marathon Digital, and Riot Platforms, according to data from BitcoinTreasuries.
Additionally, Elon Musk’s other business, SpaceX, still holds 8,285 Bitcoin, valued at $560 million, making it the seventh-largest private Bitcoin holder.
Tesla made its first Bitcoin purchase in February 2021, investing $1.5 billion into the cryptocurrency. In March 2021, Elon Musk briefly allowed customers to buy Tesla vehicles using Bitcoin but reversed the decision shortly after.
