Tesla likely still holds its $780 million worth of Bitcoin, despite moving the funds to unknown wallets on Oct. 15, says blockchain analytics firm Arkham Intelligence.
In an Oct. 22 post on X, Arkham explained that the recent Bitcoin transfers were likely “wallet rotations,” meaning Tesla still controls the funds. On Oct. 15, Tesla split 11,509 Bitcoin across seven wallets, with two addresses receiving the largest chunks worth $142.2 million and $128.1 million.
Initial concerns arose about a potential market dump, but the Bitcoin has not moved since the transfer, according to Arkham. Bitcoin’s price, meanwhile, rose 5% to $69,220 by Oct. 21, before pulling back slightly to $67,600.
The reason for Tesla’s transfer remains unclear, but some speculate it could involve moving funds to a custodian, potentially enabling a loan secured by the Bitcoin. Tesla uses Coinbase Prime Custody for its Bitcoin storage.
Tesla executives may clarify their strategy during the company’s Q3 earnings call on Oct. 23. If Arkham’s analysis is accurate, Tesla remains the fourth-largest corporate Bitcoin holder, behind MicroStrategy and miners Marathon Digital and Riot Platforms.
Tesla first bought $1.5 billion in Bitcoin in 2021 and briefly accepted it as payment for its vehicles before reversing the decision.
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