Tesla Did Not Get Rid of its Bitcoins

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According to blockchain analytics firm Arkham Intelligence, Tesla currently still holds its entire Bitcoin stash, valued at $780 million, despite recently transferring the funds to unidentified wallets on Oct. 15.

In a post on X on Oct. 22, the firm clarified that these transfers were likely just “wallet rotations,” indicating that Tesla still retains ownership of the Bitcoin.

On Oct. 15, Tesla divided its 11,509 Bitcoin into seven wallets, each containing between 1,100 and 2,200 BTC.

The two largest wallets received 142.2 million BTC and 128.1 million BTC, but no funds have been moved from these wallets since then, signaling to investors that the market may not be sold after all.

Interestingly, Bitcoin’s value has actually increased by 5% since the transfers on Oct. 21, trading at $69,220 before dropping to $66,943 at the time of writing on CoinMarketCap.

The reason for Tesla’s wallet rotations is still uncertain, but some speculate that the funds may have been moved to a custodian, potentially allowing the company to secure a loan using Bitcoin as collateral. Currently, Tesla stores its Bitcoin with Coinbase Prime Custody.