Bitrabo Editorial
Recent on-chain data reveals that Tesla Inc. has not sold any of its Bitcoin holdings, countering rumors of a potential divestment. Last week, Arkham Intelligence, a blockchain analytics firm, reported that Tesla moved its complete collection of 11,509 BTC—worth over $776 million—into new, undisclosed wallets.
This notable transfer sparked speculation that Tesla, led by Elon Musk, might be selling off its Bitcoin assets again. However, Arkham has revised its analysis, indicating that these movements were internal reorganizations rather than a sale, confirming that Tesla retains ownership of the Bitcoin.
Tesla Maintains Its Complete Bitcoin Holdings
In a post on X, Arkham stated: “We believe the wallet changes we reported last week were part of wallet rotations, with the Bitcoin still under Tesla’s control. Tesla moved its total holdings of 11,509 BTC ($776.9M) to new wallets.”
The analysis shows that the Bitcoin was distributed across seven separate wallets. Each wallet underwent test transactions, and all except one hold tidy amounts of BTC, indicating a strategic adjustment rather than liquidation. “The Bitcoin has been divided among 7 wallets holding between 1,100 and 2,200 BTC. The majority of the wallets received test transfers, and all but one maintain a round number of BTC,” stated Arkham via X.
The Bitcoin currently held by Tesla is allocated among these wallet addresses: 1Fnhp – 2,109.3 BTC ($142.2 million), 1LERL – 1,900 BTC ($128.1 million), 1D6Vh – 1,800 BTC ($121.3 million), 16QZn – 1,700 BTC ($114.6 million), 1QC2z – 1,600 BTC ($107.8 million), 1Phab – 1,300 BTC ($87.6 million), and 1MGM8 – 1,100 BTC ($74.1 million).
Arkham also noted that there were suggestions that Tesla’s actions might indicate a move to a custodian for securing a loan against the BTC. This aligns with corporate strategies that utilize crypto assets for liquidity while avoiding outright sales.
The timing of these events is significant, as Tesla’s earnings report is set to be released today, October 23, 2024, after market hours (23:30 CEST). This earnings call may shed more light on Tesla’s strategy regarding Bitcoin and the reasoning behind its recent wallet transactions.
Adding context, October 22 marks the six-year anniversary of Elon Musk’s first public support of Bitcoin on X. Back in 2018, BTC was valued around $6,400. On that date, Musk humorously interacted with his followers by asking, “Wanna buy some Bitcoin?” Since then, Bitcoin has soared over 1,000% in value.
Elon Musk encouraging the purchase of #Bitcoin at $6,000 six years ago.
Now up 1,000%
pic.twitter.com/1UqsyODZqv
— The Bitcoin Historian (@pete_rizzo_) October 22, 2024
Tesla’s involvement with Bitcoin has seen many shifts. In February 2021, the company made headlines by acquiring $1.5 billion in BTC, as revealed in its SEC filing. This move made Tesla one of the leading corporate holders of Bitcoin.
However, in Q2 of 2022, Tesla sold 75% of its Bitcoin holdings for fiat, a decision driven by liquidity challenges brought on by COVID-19 lockdowns in China. This sale was valued at roughly $936 million according to Tesla’s financial reports.
Currently, Bitcoin is being traded at $67,083.
