Tesla Maintains Bitcoin Holdings Amid Speculation of Sell-Off

Tesla Holds Steady on Bitcoin Despite Speculation

Despite recent wallet transactions that sparked rumours of a potential sell-off, Tesla continues to hold its Bitcoin assets, as reported by Arkham Intelligence, a blockchain analytics platform.

Arkham Intelligence clarified the situation in a post shared on October 23 via X (formerly known as Twitter). They stated, “We believe that the Tesla wallet movements we reported on last week were wallet rotations, with the Bitcoin still owned by Tesla.”

The transfers involved moving Bitcoin to seven distinct wallets, each containing between 1,100 and 2,200 BTC. Before the final transfer, test transactions were carried out on all wallets, and all but one now display round-numbered Bitcoin balances.

Significant Wallet Values

On-chain data indicates that five of these wallets hold Bitcoin worth over $100 million each, specifically valued at $142 million, $128 million, $121 million, $114 million, and $107.8 million. The other two wallets contain $87.6 million and $74.1 million, respectively.

This update follows Tesla’s unexpected transfer of its remaining 11,509 BTC, valued at approximately $768 million at that time. This action led to speculation regarding a possible sale, especially since Tesla had previously liquidated portions of its Bitcoin holdings.

Historical Context of Tesla's Bitcoin Sales

In February 2021, the company sold 4,320 BTC shortly after investing $1.5 billion to evaluate its market liquidity. Another significant sale occurred in June 2022 when Tesla offloaded 29,160 BTC.

Since those transactions, Tesla has retained its Bitcoin holdings. Arkham Intelligence suggested that the recent transfers might be linked to a Bitcoin-backed loan, noting, “Some have speculated that this is a movement to a custodian, for example, to secure a loan against the BTC.”

Awaiting Official Clarification

As of the latest updates, Tesla has not provided an official explanation regarding these transfers. However, the fact that Bitcoin remains intact in the new wallets has eased immediate concerns about a potential market sell-off.

Market analysts are now anticipating Tesla’s forthcoming Q3 earnings report, which may offer further clarity on the company’s recent activities.