On Oct. 15, Tesla moved a large amount of Bitcoin valued at $780M, which raised concerns that it might sell henceforth causing a market dump.
However, Arkham, a blockchain analytics firm, suggests that Tesla still controls these assets despite the transfers.
“We believe that the Tesla wallet movements that we reported last week were wallet rotations with the Bitcoin still owned by Tesla,” Arkham Intelligence said in an Oct. 22 X post.
The Distribution of the Bitcoin
On Oct. 15, Tesla split its 11,509 Bitcoin into seven different wallets. Each wallet received between 1,100 and 2,200 BTC, with two specific wallets receiving the largest amounts of $142.2M and $128.1M worth of Bitcoin.
Read Also: Tesla moves the entire $765M Bitcoin holdings to unknown wallets
Aftermath of the Bitcoin Transfers
The large Bitcoin transfers initially triggered concerns on social media that Tesla might be planning to sell its Bitcoin holdings, which could negatively impact the market. However, Arkham’s data shows that none of the wallets have moved any funds since Oct. 15.
What You Should Know
Aside from Tesla, Elon Musk’s other company, SpaceX, holds 8,285 Bitcoin, worth about $560M, making it the seventh-largest private firm with Bitcoin holdings.
Also, Tesla first bought Bitcoin in February 2021, spending $1.5B. At one point, it even accepted Bitcoin as payment for cars, but that policy was quickly reversed due to environmental concerns about Bitcoin mining.
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