Originally published on: October 23, 2024
Arkham Intelligence suggests that Tesla may still own its entire $780 million Bitcoin stash, despite recent wallet shuffling. The electric car manufacturer transferred its funds to unidentified wallets on October 15, triggering speculation in the crypto community.
According to Arkham, Tesla split its 11,509 Bitcoins between seven wallets, with the largest batches going to addresses “1Fnhp” and “1LERL.” These movements raised concerns about a potential market dump, but so far, the wallets have remained inactive since the transfer.
Despite the uncertainty surrounding Tesla’s Bitcoin transfers, the cryptocurrency’s price has remained relatively stable. Following the transfers, Bitcoin’s price increased by 5% to $69,220 before pulling back slightly to $67,600.
One theory behind Tesla’s wallet shuffling is that the funds may be moving to a custodian, potentially to secure a loan against the Bitcoin holdings. Tesla currently stores its Bitcoin with Coinbase Prime Custody, and further details may be revealed during the company’s upcoming third-quarter earnings call on October 23.
If Arkham’s analysis is correct, Tesla remains one of the largest corporate Bitcoin holders, trailing behind companies like MicroStrategy and Bitcoin miners Marathon Digital and Riot Platforms. Elon Musk’s other venture, SpaceX, also holds a significant amount of Bitcoin, further solidifying his presence in the crypto space.
While the reasons behind Tesla’s recent Bitcoin movements remain unclear, the crypto community eagerly awaits further updates from the company. Stay tuned for more insights into Tesla’s crypto strategy and how it could impact the market.
