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Cryptocurrency News Articles
Tesla Still Likely Owns Its Bitcoin Stash Worth $780M Despite Moving the Funds, Analytics Firm Says
Oct 23, 2024 at 08:00 am
Electric car manufacturer Tesla likely still owns its entire Bitcoin stash worth $780 million despite transferring all the funds to unidentified wallets on Oct. 15
Electric car manufacturer Tesla (NASDAQ:TSLA) still owns its entire Bitcoin stash, currently valued at around $780 million, despite transferring the funds to unidentified wallets earlier this month, a blockchain analytics firm has claimed.
“We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla,” Arkham Intelligence said in an Oct. 22 X post.
The analysis comes after Arkham reported on Oct. 15 that Tesla had moved its entire Bitcoin holdings, sparking fears of a potential market dump. However, Arkham’s latest analysis suggests that the funds may still be in Tesla's control.
According to the firm, Tesla split the 11,509 Bitcoin between seven wallets holding between 1,100 and 2,200 BTC on Oct. 15. The wallets “1Fnhp” and “1LERL” received the largest batches, valued at $142.2 million and $128.1 million, respectively.
The last time any funds moved from the wallets was on Oct. 15, Arkham’s analysis shows. Moreover, the transfers don’t appear to have impacted the price of Bitcoin, which rose 5% from the time of Tesla’s transfers to $69,220 on Oct. 21, CoinGecko data shows. Bitcoin has since pulled back 2.3% to $67,600.
It also remains unclear exactly why Tesla made the transfers, though some observers speculate the funds may be moving to a custodian, potentially allowing billionaire Elon Musk’s firm to secure a loan against the Bitcoin.
Tesla currently uses Coinbase Prime Custody to store its Bitcoin.
Tesla executives could reveal their plans with the Bitcoin during its third-quarter earnings call scheduled after the bell on Oct. 23.
If Arkham’s analysis is correct, Musk’s firm still holds the fourth-largest corporate Bitcoin stash, trailing only business intelligence firm MicroStrategy and Bitcoin miners Marathon Digital and Riot Platforms, according to Bitcoin Treasuries data.
Musk’s spacecraft manufacturing business, SpaceX, still holds 8,285 Bitcoin, valued at around $560 million, making it the seventh-largest Bitcoin holdings by a private firm.
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