Prime

Bitcoin

Arkham

Elon Musk

Electric vehicle giant Tesla appears to have kept its $780 million <a href="https://thecoinrise.com/tesla-moves-its-bitcoin-stash-to-new-addresses-whats-next/" rel="noopener noreferrer nofollow">Bitcoin holdings despite a series of large transfers</a> on October 15, according to blockchain analytics firm Arkham Intelligence.
In an October 22 <a href="https://x.com/ArkhamIntel/status/1848824048765018487" rel="noopener noreferrer nofollow">post</a> on X, Arkham revealed that the 11,509 BTC were redistributed across seven new wallets, each containing between 1,100 and 2,200 Bitcoin. The transfers, while initially raising concerns over a potential market sell-off, now seem to be internal wallet rotations with Tesla maintaining ownership.
The two largest wallets involved, identified as “1Fnhp” and “1LERL,” received batches worth $142.2 million and $128.1 million, respectively. However, no further movements of the Bitcoin have occurred since October 15, easing market <a href="https://x.com/ArkhamIntel/status/1846296741718405293/quotes" rel="noopener noreferrer nofollow">jitters</a> that had erupted on social media platforms like X. Despite the significant fund transfers, the price of Bitcoin continued to rise, hitting a high of $69,220 by October 21, marking a 5% increase since the transactions, according to CoinGecko <a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow">data</a>.
<h2 id="span-style-font-weight-400-speculation-around-actions-by-tesla-span">Speculation Around Actions by Tesla&nbsp;</h2>
While the reason behind Tesla’s decision to move its Bitcoin is still unclear, some analysts speculate the company may be preparing to use the cryptocurrency as collateral for a loan. This speculation arises from Arkham’s observation that the new wallets could potentially be part of a custodial arrangement. Notably, Tesla uses Coinbase Prime Custody to store its Bitcoin.
Tesla’s next steps regarding its Bitcoin holdings might be revealed during its third-quarter earnings call, set to take place on October 23. If Tesla maintains its current position, the company would continue to rank as the fourth-largest corporate holder of Bitcoin, <a href="https://bitcointreasuries.net/" rel="noopener noreferrer nofollow">trailing</a> only MicroStrategy, Marathon Digital, and Riot Platforms.
<h2 id="span-style-font-weight-400-musk-s-crypto-ventures-continue-span">Musk’s Crypto Ventures Continue</h2>
Tesla’s relationship with Bitcoin has been eventful. The company first acquired $1.5 billion worth of Bitcoin in February 2021, propelling the crypto adoption in the corporate world. For a brief period in March 2021, <a href="https://thecoinrise.com/tesla-to-reconsider-bitcoin-payments-in-the-near-future/" rel="noopener noreferrer nofollow">Tesla accepted Bitcoin as payment</a> for its electric vehicles, although CEO Elon Musk later reversed this decision, citing environmental concerns.
Musk’s other venture, <a href="https://thecoinrise.com/spacex-write-down-its-btc-holding-by-373m/" rel="noopener noreferrer nofollow">SpaceX, is also heavily invested in Bitcoin</a>, holding 8,285 BTC worth approximately $560 million, making it the seventh-largest Bitcoin-holding private firm. With Tesla and SpaceX both in the crypto game, Musk’s influence on the market remains big.
The post <a href="https://thecoinrise.com/tesla-holds-onto-780m-in-bitcoin-after-moving-funds-to-new-wallets-arkham/" rel="noopener noreferrer nofollow">Tesla Holds onto $780M in Bitcoin After Moving Funds to New Wallets: Arkham</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Tesla Holds onto $780M in Bitcoin After Moving Funds to New Wallets: Arkham

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