Tesla Holds onto $780M in Bitcoin After Moving Funds to New Wallets: Arkham

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Electric vehicle giant Tesla appears to have kept its $780 million Bitcoin holdings despite a series of large transfers on October 15, according to blockchain analytics firm Arkham Intelligence.

In an October 22 post on X, Arkham revealed that the 11,509 BTC were redistributed across seven new wallets, each containing between 1,100 and 2,200 Bitcoin. The transfers, while initially raising concerns over a potential market sell-off, now seem to be internal wallet rotations with Tesla maintaining ownership.

The two largest wallets involved, identified as “1Fnhp” and “1LERL,” received batches worth $142.2 million and $128.1 million, respectively. However, no further movements of the Bitcoin have occurred since October 15, easing market jitters that had erupted on social media platforms like X. Despite the significant fund transfers, the price of Bitcoin continued to rise, hitting a high of $69,220 by October 21, marking a 5% increase since the transactions, according to CoinGecko data.

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Speculation Around Actions by Tesla 

While the reason behind Tesla’s decision to move its Bitcoin is still unclear, some analysts speculate the company may be preparing to use the cryptocurrency as collateral for a loan. This speculation arises from Arkham’s observation that the new wallets could potentially be part of a custodial arrangement. Notably, Tesla uses Coinbase Prime Custody to store its Bitcoin.

Tesla’s next steps regarding its Bitcoin holdings might be revealed during its third-quarter earnings call, set to take place on October 23. If Tesla maintains its current position, the company would continue to rank as the fourth-largest corporate holder of Bitcoin, trailing only MicroStrategy, Marathon Digital, and Riot Platforms.

Musk’s Crypto Ventures Continue

Tesla’s relationship with Bitcoin has been eventful. The company first acquired $1.5 billion worth of Bitcoin in February 2021, propelling the crypto adoption in the corporate world. For a brief period in March 2021, Tesla accepted Bitcoin as payment for its electric vehicles, although CEO Elon Musk later reversed this decision, citing environmental concerns.

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Musk’s other venture, SpaceX, is also heavily invested in Bitcoin, holding 8,285 BTC worth approximately $560 million, making it the seventh-largest Bitcoin-holding private firm. With Tesla and SpaceX both in the crypto game, Musk’s influence on the market remains big.

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