Key Points
- Arkham Intelligence reports that Tesla likely still owns its Bitcoin holdings despite recent transfers.
- Tesla’s Bitcoin was reportedly moved across different wallets, sparking speculation of potential sell-offs.
Arkham Intelligence has recently shed light on Tesla’s Bitcoin transfers, which had created a buzz in the cryptocurrency world.
The electric vehicle manufacturer had reportedly moved nearly all of its Bitcoin holdings, valued at $760 million, to unidentified wallets. This led to speculation about potential sell-offs.
Tesla’s BTC Movements
Arkham Intelligence, however, suggests that Tesla likely still owns its Bitcoin. The intelligence platform took to social media to clarify that the movements were probably wallet rotations, with the Bitcoin remaining under Tesla’s ownership.
According to the platform, Tesla’s Bitcoin holdings had been stationary for two years until October 15th. The recent activity saw the cryptocurrency being divided across seven wallets, each holding between 1,100 and 2,200 Bitcoin.
Arkham also pointed out that each of these wallets received test transactions and all but one held a rounded figure of Bitcoin. The platform speculated that Tesla might be moving the funds to a custodian, possibly to secure a loan using the Bitcoin as collateral.
Impact on Bitcoin’s Price
Interestingly, these transfers did not affect Bitcoin’s price. On the day of the transfers, Bitcoin’s price peaked at nearly $68,000 and continued to rise until a recent dip on October 21st.
At the time of writing, Bitcoin was trading at $67,082, reflecting a 0.68% decline over the past 24 hours, according to CoinMarketCap. Bitcoin’s trading volume also dropped by 20.28% over the past day.
Despite the recent transfers made to wallets likely controlled by the company, Tesla reportedly still owns 11,509 Bitcoin, valued at over $771 million. Tesla is set to release its next earnings report on October 23rd, 2024, which could provide more insight into its Bitcoin strategy and the reasons behind the recent wallet movements.
In addition to Tesla’s holdings, SpaceX, another venture of Tesla’s CEO, reportedly holds 8,285 Bitcoin. These holdings, which have remained stationary for two years, were valued at $556 million.
