Tesla is likely still holding its entire Bitcoin stash, worth $780 million, despite transferring all the funds to unidentified wallets on Oct. 15, according to blockchain analytics firm Arkham Intelligence
In an Oct. 22 post on X, the firm explained that Tesla’s recent wallet movements appear to be “wallet rotations,” meaning the company still owns the Bitcoin.
On Oct.15, Tesla divided the 11,509 Bitcoin into seven wallets with the number of BTC ranging from 1,100 to 2,200. Two of the biggest wallets were sent 142.2 million BTC and 128.1 million BTC respectively. This gave a signal to investors that the market might be sold but the wallets have not shifted any funds at all.
Notably, Bitcoin was up by 5% since the transfers, trading at $69,220 on October 21, before retracing $66,943 at the time of writing on CoinMarketCap
It is still uncertain why Tesla has made these transfers, but some believe that the money could be taken to a custodian, which might enable the company to get a loan on Bitcoin. Tesla at the moment stores its Bitcoin with Coinbase Prime Custody.
Some of Tesla’s strategies may be revealed in its Q3 earnings call on October 23. If Arkham is right, Tesla is still the fourth largest corporate holder of Bitcoin behind MicroStrategy and two Bitcoin mining firms, Marathon Digital and Riot Platforms.
This is coming at a time when Tesla remains anchored in the crypto space following its initial investment of $1.5 billion in Bitcoin earlier this year in February.
Also Read: Elon Musk’s Tesla Moves $760M in Bitcoin After Two Years
