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    Tesla likely still owns $780M in Bitcoin despite recent shuffle: Arkham

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    Tesla still holds $780 million in Bitcoin and has simply relocated the coins to different wallets, according to blockchain analytics firm Arkham Intelligence. Despite fears of a market dump, the transfers haven’t affected Bitcoin’s price. Arkham believes the move, involving 11,509 Bitcoins, could be related to Tesla securing a loan against its Bitcoin assets. Depending on the firm’s analysis, Tesla could be the fourth largest Bitcoin holder among companies. SpaceX, another Musk company, holds the seventh-largest Bitcoin assets by a private firm, worth $560 million.

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    It looks like Tesla still has all their Bitcoin stash worth $780 million, despite moving all the coins to undercover wallets on October 15. Blockchain analytics firm Arkham Intelligence believes that these bitcoins are still owned by Tesla and the company just moved them around in different wallets.

    Tesla moved a total of 11,509 Bitcoin to seven wallets that hold between 1,100 and 2,200 Bitcoins each. The biggest chunks of Bitcoins, worth $142.2 million and $128.1 million, were sent to two wallets with code names “1Fnhp” and “1LERL”.

    When these big transfers happened, folks on social media started freaking out, thinking it meant some kind of big market dump was on the way. However, the Bitcoins in these wallets have pretty much stayed put since the transfers and nothing major has happened to Bitcoin’s price.

    Folks are still not sure why Tesla decided to move the Bitcoins around, but Arkham thinks it may have something to do with Tesla moving funds to a custodian, which could help the company secure a loan against the Bitcoins. Currently, Tesla stores its Bitcoin with Coinbase Prime Custody.

    The company’s execs might share more about their Bitcoin plans in their third-quarter earnings call. If Arkham’s analysis is right, Tesla is the fourth biggest Bitcoin holder among companies, following business intelligence firm MicroStrategy and Bitcoin miners Marathon Digital and Riot Platforms.

    Musk’s other company, SpaceX, still holds 8,285 Bitcoin worth $560 million, which is the seventh-largest Bitcoin holdings by a private firm.

    Tesla, under Musk’s leadership, first bought Bitcoin in February 2021, with a whopping $1.5 billion purchase. For a brief period in March, Musk even accepted Bitcoin as a payment option for Tesla’s vehicles but backpedalled on this decision after just a few weeks.

    Source: Cointelegraph

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