coinspress.com
Tesla is likely still holding its entire Bitcoin reserve valued at approximately $780 million, despite moving the funds to unidentified wallets on October 15, as reported by blockchain analytics firm Arkham Intelligence.
Arkham stated in an October 22 post that the wallet transfers were simply a rotation of funds, with the 11,509 Bitcoin split across seven wallets, each containing between 1,100 and 2,200 BTC. Notably, the largest transfers went to wallets “1Fnhp” and “1LERL,” valued at $142.2 million and $128.1 million, respectively.
Initial fears of a potential market dump arose on social media following the transfers, but these wallets have remained inactive since then.
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The reason for the wallet movements remains unclear, but some speculate the funds could be moved to a custodian for securing a loan. Tesla currently relies on Coinbase Prime Custody for Bitcoin storage.
Details regarding Tesla’s Bitcoin strategy may emerge during the company’s upcoming third-quarter earnings call on October 23. If Arkham’s insights hold true, Tesla would remain the fourth-largest corporate Bitcoin holder, following MicroStrategy and Bitcoin miners Marathon Digital and Riot Platforms.
Tesla made its first Bitcoin purchase of $1.5 billion in February 2021 and briefly accepted Bitcoin for vehicle purchases in March of that year before reversing that decision shortly after.