Tesla appears to still hold its entire $780 million Bitcoin reserve, despite transferring the cryptocurrency to unidentified wallets on October 15, according to blockchain analytics firm Arkham Intelligence. The company shared this information in a post on X (formerly Twitter) on Oct. 22, the firm suggested that Tesla’s Bitcoin holdings were “rotated” across multiple wallets without any sale or liquidation of the funds.
Wallet Splits and Market Concerns
On Oct. 15, Tesla split 11,509 BTC into seven wallets, each holding between 1,100 and 2,200 Bitcoin. The largest wallet addresses, labeled “1Fnhp” and “1LERL”, received Bitcoin worth $142.2 million and $128.1 million, respectively. Initial speculation arose about a potential market dump, sparking anxiety across social media platforms like X.
However, data from Arkham Intelligence indicates that there has been no further activity from these wallets since the transfers, easing concerns that Tesla was planning to sell its Bitcoin.
Bitcoin Price Unaffected
Tesla’s wallet transfers have not negatively impacted Bitcoin’s price, which surged 5% from $65,880 to $69,220 between Oct. 15 and Oct. 21, based on CoinGecko data. The price has since pulled back by 2.3% to around $67,600.
Possible Loan or Custody Move?
While Tesla hasn’t revealed the reason for the transfers, some observers speculate the company may have shifted the Bitcoin to a custodian, potentially to secure a loan against its holdings. Currently, Tesla stores its Bitcoin on Coinbase Prime Custody.
Tesla executives are expected to address the transfers and their overall cryptocurrency strategy during the company’s third-quarter earnings call set for October 23.
Tesla Among Top Bitcoin Holders
If Arkham’s analysis is correct, Tesla remains the fourth-largest corporate Bitcoin holder, following MicroStrategy, Marathon Digital, and Riot Platforms, as per BitcoinTreasuries data. SpaceX, another of Elon Musk’s ventures, holds 8,285 Bitcoin worth approximately $560 million, making it the seventh-largest Bitcoin holder among private firms.
Tesla’s Bitcoin History
Tesla first ventured into the Bitcoin market in February 2021 by purchasing $1.5 billion worth of the cryptocurrency. Although the company briefly accepted Bitcoin as payment for its vehicles in March 2021, Musk reversed this decision shortly after, citing environmental concerns associated with Bitcoin mining.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
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