Key Takeaways:
- Tesla likely retains its $780M in Bitcoin, with transfers to new wallets seen as routine rotations, per Arkham Intelligence.
- Despite initial fears of a market dump, Bitcoin’s price remained stable and even rose following the transfers.
- Speculation surrounds Teslaβs wallet movements, with possibilities including a loan against its Bitcoin holdings.
Tesla recently transferred its Bitcoin holdings, sparking concerns of a potential market sell-off, but blockchain analytics firm Arkham Intelligence suggests that the company still controls these assets.
Tesla moved 11,509 Bitcoin, valued at approximately $780 million, into seven separate wallets on October 15, with no indication of a sell-off.
π¨π£πππ§π: π§ππ¦ππ πππ§ππ’ππ‘ πͺπππππ§π¦
— Arkham (@ArkhamIntel) October 22, 2024
We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla.
Tesla moved their entire balance of 11,509 BTC ($776.9M) to new wallets. pic.twitter.com/aWeHrwjo22
The transfers were labeled as “wallet rotations” by Arkham, meaning Tesla likely still retains ownership.
The movement initially raised fears of market instability, but Bitcoin’s price remained unaffected, even rising 5% to $69,220 before a slight decline.
Speculation persists over Tesla’s intentions, with some suggesting the company may be securing a loan against its Bitcoin by transferring it to a custodian.
JUST IN: Tesla still owns $776m #Bitcoin after wallet rotation last week – Arkham
— Bitcoin Archive (@BTC_Archive) October 22, 2024
Tesla holds 11,509 $BTC pic.twitter.com/XFOcEGbkkp
Tesla uses Coinbase Prime Custody for its holdings, and further details could emerge during its Q3 earnings call on October 23.
If Arkhamβs analysis holds, Tesla remains the fourth-largest corporate Bitcoin holder, following MicroStrategy, Marathon Digital, and Riot Platforms.
Tesla CEO Elon Musk’s other company, SpaceX, also holds significant Bitcoin assets.
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