According to blockchain analytics platform Arkham Intelligence, Tesla is maintaining its remaining Bitcoin holdings despite recent wallet transfers that sparked speculation about a possible sell-off.
In an October 23 post on X (formerly Twitter), Arkham Intelligence clarified:
“We believe that the Tesla wallet moves we reported on last week were wallet rotations, with Bitcoin still owned by Tesla.”
Arkham noted that the transfer sent Bitcoin to seven different wallets, each containing between 1,100 and 2,200 BTC. Test transactions were performed on all wallets prior to the final transfer, and all but one now contain round-numbered Bitcoin balances.
Data from the chain shows that five wallets held Bitcoin worth more than $100 million each, specifically $142 million, $128 million, $121 million, $114 million and $107.8 million. The remaining two purses contained $87.6 million and $74.1 million respectively.
This update follows Tesla’s unexpected transfer of the remaining 11,509 BTC – valued at around $768 million at the time – last week. The move sparked rumors of a possible sale, as Tesla had previously liquidated Bitcoin holdings.
In February 2021, the company sold 4,320 BTC shortly after investing $1.5 billion to assess market liquidity. Tesla conducted another major sale in June 2022, waiving 29,160 BTC.
However, the company has since retained its Bitcoin holdings. Arkham Intelligence speculated that the recent transfers may have been related to a Bitcoin-backed loan. It said:
“Some have speculated that this is a move to a custodian, for example to secure a loan against the BTC.”
At the time of writing, Tesla has not yet provided an official explanation for the transfers. Nevertheless, the fact that Bitcoin remains untouched in the new wallets has allayed immediate concerns about a market sell-off.
Market analysts are now looking to Tesla’s upcoming Q3 earnings report for more insight into the company’s recent actions.