Tesla appears to have retained its entire Bitcoin stash, valued at approximately $780 million, despite recent transfers to unidentified wallets. Blockchain analytics firm Arkham Intelligence suggests that these transfers were likely just “wallet rotations,” indicating that the company still owns the Bitcoin.
The transfers, which occurred on October 15, involved dividing Tesla’s 11,509 Bitcoin into seven wallets. While this initially raised concerns about a potential sell-off, no funds have been moved from these wallets.
The reason for these transfers remains unclear. Some speculation points to a possible move to a custodian, potentially to secure a loan. Tesla currently stores its Bitcoin with Coinbase Prime Custody.
As Bitcoin’s price has risen since the transfers, Tesla’s holdings have likely appreciated. The company’s Q3 earnings call on October 23 may provide more clarity on its Bitcoin strategy.
If Arkham’s analysis is correct, Tesla remains one of the largest corporate holders of Bitcoin, trailing only MicroStrategy and two Bitcoin mining firms. This reaffirms Tesla’s commitment to the cryptocurrency space, following its initial investment of $1.5 billion earlier this year.