Key Takeaways
- Tesla transferred its $780 million in Bitcoin across seven wallets.
- Arkham suggests the transfers were likely internal wallet rotations.
- Tesla remains the fourth-largest corporate Bitcoin holder.
Tesla likely still holds its entire Bitcoin reserve, worth $780 million, despite transferring the assets to multiple unidentified wallets on October 15, according to blockchain analytics firm Arkham Intelligence.
The transfers initially sparked concerns of a market sell-off, but Arkham clarified that the Bitcoin remains under Tesla’s control, citing the moves as wallet rotations.
11,509 BTC
The electric car manufacturer divided its 11,509 BTC into seven wallets, with two of the largest wallets receiving $142.2 million and $128.1 million worth of Bitcoin, respectively.
However, since the transfers, no further movement of funds has been detected, alleviating fears of a market dump.
Despite the speculation surrounding the reason for these transfers, Tesla’s Bitcoin stash has had little effect on market prices. Bitcoin rose 5% after the transfers, reaching a peak of $69,220 on October 21 before pulling back to $67,600.
Speculation
Some speculate that Tesla may be preparing to use the Bitcoin as collateral for a loan.
The firm currently uses Coinbase Prime Custody to store its digital assets, and more details might be disclosed during Tesla’s third-quarter earnings call on October 23.
If Arkham’s analysis is accurate, Tesla remains the fourth-largest corporate holder of Bitcoin, behind MicroStrategy and Bitcoin mining firms Marathon Digital and Riot Platforms.
