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.
Electric carmaker Tesla (NASDAQ:TSLA) is likely still holding its entire Bitcoin stash, now 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, leading investors to believe that the bulk of the stash was sold. However, 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 to $66,943 at the time of writing on CoinMarketCap.
It is still unclear why Tesla has made these transfers, but some speculate that the funds could be being moved to a custodian, which may allow the company to take out a loan on the Bitcoin. Tesla currently 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’s analysis is correct, Tesla would still be the fourth largest corporate holder of Bitcoin behind software firm MicroStrategy and two Bitcoin mining companies, Marathon Digital and Riot Platforms.
The development comes as Tesla continues to be deeply involved 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
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