- Arkham Intelligence has uncovered the truth behind Tesla’s BTC transfers.
- Tesla remains the fourth largest corporate Bitcoin holder.
Last week the news of Tesla transferring almost all of it Bitcoin [BTC] the holdings, worth $760 million at the time, in unknown portfolios made headlines in the crypto sphere.
These transfers fueled speculation about a possible sell-off. However, these concerns may not be justified.
Arkham Intelligence has now revealed that the electric car manufacturer will likely still retain ownership of its BTC.
The blockchain intelligence platform acquired X (formerly Twitter). clarify,
“We believe the Tesla wallet moves we reported on last week were wallet rotations where Bitcoin was still owned by Tesla.”
Arkham Intelligence details Tesla’s BTC moves
According to to Arkham Intelligence, Tesla’s BTC possessions had remained untouched for two years before October 15.
The recent move saw the king coin split across seven different wallets, each containing between 1,100 and 2,200 BTC.
The platform also highlighted that each of these wallets received test transactions, and all but one contained a rounded number of Bitcoin.
The two largest wallets, “1Fnhp” and “1LERL”, received 2,109.3 BTC and 1,900 BTC respectively.
Other wallets included “1D6Vh” with 1,800 BTC, “16QZn” with 1,700 BTC, “1QC2z” with 1,600 BTC, “1Phab” with 1,300 BTC and “1MGM8” with 1,100 BTC.
The reason for these transfers remains unclear, although Arkham noted speculation that Tesla might transfer the funds to a custodian. This could be possible to secure a loan with the BTC as collateral.
How did Bitcoin’s price react?
Interestingly, the transfers had no impact on Bitcoin price. On the day of the transfer, the coin peaked at almost $68,000 and continued to rise until a recent dip on October 21.
At the time of writing, BTC was trading at $67,082, reflecting a decline of 0.68% in the past 24 hours. CoinMarketCap. Bitcoin trading volume also fell by 20.28% over the past day.
Musk’s BTC reserves
Since Tesla’s recent transfers to wallets the company likely controls, it still owned 11,509 Bitcoin. This was worth over $771 million at the time of writing.
Source: Arkham Intelligence
It’s worth noting that Tesla is about to release its next one income report on October 23, 2024.
This could shed more light on Tesla’s BTC strategy and the reasons behind its recent portfolio moves.
In addition to Tesla’s interests, Musk’s other venture, SpaceXretained 8,285 Bitcoin. These assets, which also haven’t been moved in two years, were valued at $556 million.