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- Tesla Bitcoin holdings worth $780M were split into seven new wallets, no sale confirmed
- Largest wallets received over $140M in BTC, sparking online speculation
- Arkham Intelligence suggests the move was routine, not a liquidation
It is believed that the electric vehicle giant Tesla still holds its entire Bitcoin investment, valued at $780 million, despite transferring the funds to several anonymous wallets earlier this month.
According to blockchain analysis firm Arkham Intelligence, the movements are likely part of routine wallet rotations rather than a sale or liquidation.
In a recently published post on X, Arkham Intelligence stated:
βWe believe that the Tesla wallet movements we reported last week were wallet rotations, with the Bitcoin still owned by Tesla.β
Tesla has split its Bitcoin holdings into seven wallets As observed by Arkham Intelligence, on Tuesday, October 15, Tesla split its 11,509 Bitcoins into seven new wallets, each holding between 1,100 and 2,200 BTC.
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We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla.
Tesla moved their entire balance of 11,509 BTC ($776.9M) to new wallets. pic.twitter.com/aWeHrwjo22β Arkham (@ArkhamIntel) October 22, 2024
The two largest wallets, named β1Fnhpβ and β1LERL,β received the most significant portions, valued at $142.2 million and $128.1 million, respectively.
The large-scale movement initially sparked fears of a possible market crash, fueling a wave of speculation on social media platforms like X.
However, Arkhamβs data indicates that no further Bitcoin transactions have taken place from these wallets following the transfers, suggesting that Tesla has not sold any of its holdings.
Conclusion
In conclusion, it seems Teslaβs Bitcoin strategy remains unchanged for now. Despite the large-scale wallet movements, the lack of further transactions suggests the company is holding strong.
Whether youβre a Tesla fan or a Bitcoin enthusiast, itβs always worth keeping an eye on such movesβespecially in a market where anything can happen.
What do you think is next for Tesla and its Bitcoin holdings? Let me know your thoughts!
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.