Key Points
- Arkham Intelligence suggests Tesla retains ownership of its Bitcoin (BTC) despite recent transfers to unknown wallets.
- Tesla’s recent BTC transfers did not impact the cryptocurrency’s value.
Arkham Intelligence, a blockchain intelligence platform, recently debunked the rumors surrounding Tesla’s Bitcoin (BTC) transfers. Last week, Tesla transferred nearly all of its BTC holdings, approximately $760 million, to unknown wallets, sparking speculation of potential sell-offs. Arkham Intelligence, however, believes that Tesla still owns the transferred BTC.
Tesla’s BTC Transfers Explained
Arkham Intelligence reports that Tesla’s BTC holdings had been dormant for two years before the transfers on October 15. The company moved the BTC across seven different wallets, each containing between 1,100 and 2,200 BTC. Arkham Intelligence speculates that Tesla might be moving the funds to a custodian for securing a loan using the BTC as collateral. Despite these significant transfers, the value of Bitcoin remained unaffected.
Bitcoin’s Market Performance
On the day of the transfers, Bitcoin’s value peaked at nearly $68,000 and continued to trend upward until a recent dip on October 21. At the time of writing, BTC was trading at $67,082, reflecting a 0.68% decline over the past 24 hours, according to CoinMarketCap. Bitcoin’s trading volume also dropped by 20.28% over the past day.
Tesla’s recent transfers were made to wallets that the company likely controls, meaning it still owned 11,509 Bitcoin, worth over $771 million at press time. Tesla is set to release its next earnings report on October 23, 2024, which could provide more insight into the company’s BTC strategy and the reasons behind the recent wallet movements. SpaceX, another venture by Elon Musk, retained 8,285 Bitcoin, valued at $556 million. These holdings have not been moved in two years.