Tesla Still Has $780M Bitcoin Despite Transfers to Unidentified Wallets – Report

Tesla likely retains its entire Bitcoin collection, valued at around $780 million, despite transferring the assets to anonymous wallets on October 15, according to blockchain analytics firm Arkham Intelligence.

The electric vehicle manufacturer reportedly transferred 11,509 Bitcoin across seven different wallets, with each wallet containing between 1,100 and 2,200 Bitcoin. The two largest ones, identified as “1Fnhp” and “1LERL,” received $142.2 million and $128.1 million, respectively.

Despite initial concerns that Tesla might be preparing to sell its Bitcoin, Arkham Intelligence clarified in yesterday’s post on X (formerly Twitter) that these transfers appear to be part of a “wallet rotation,” suggesting Tesla still holds its entire Bitcoin stash. The transferred Bitcoin has remained in the new wallets since October 15, with no further movement detected.

Market Reaction to Tesla’s Bitcoin Moves

The large-scale transfers sparked speculation across social media platforms about the potential impact on Bitcoin’s price. However, the transfers did not trigger any significant price volatility. According to data from CoinGecko, Bitcoin’s price rose by 5% from $66,387 to $69,220 between October 15 and October 21. Since then, the price has pulled back by 2.3% to $67,600.

There has been speculation that the funds may have been moved to a custodian, possibly to secure a loan against the Bitcoin. Tesla currently uses Coinbase Prime Custody to store its cryptocurrency assets, though it remains unclear why the funds were transferred.

Tesla’s Status Among Top Bitcoin Holders

If Arkham Intelligence’s analysis is accurate, Tesla remains one of the largest corporate Bitcoin holders, trailing behind companies like MicroStrategy and Bitcoin miners Marathon Digital and Riot Platforms. Tesla first acquired $1.5 billion worth of Bitcoin in February 2021 and continues to hold a substantial portion of that investment.

SpaceX, another company owned by Tesla CEO Elon Musk, also holds significant Bitcoin holdings. The company possesses 8,285 Bitcoin, valued at around $560 million, making it the seventh-largest Bitcoin holder among private firms.

Tesla’s third-quarter earnings call, scheduled for October 23, may offer additional insight into the company’s plans for its Bitcoin holdings. At present, however, there has been no indication that Tesla plans to sell any of its cryptocurrency.

Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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