Elon Musk’s Tesla still has a tight hold on its crypto assets, contrary to media reports in the past week. According to blockchain analytics firm Arkham, Tesla most likely still has $780 million in its entire Bitcoin holdings even after moving all of the money to anonymous wallets on October 15.
In an X post on October 22, Arkham Intelligence stated, “We think that the Tesla wallet movements that we reported last week were wallet rotations with the Bitcoin still owned by Tesla.”
The revelation comes just a day after Tesla CEO Elon Musk has vouched for the potential crypto has in the market.
Tesla’s Previous Bitcoin Move Was Likely To Own Wallets
On October 15, Arkham observed, Tesla divided the 11,509 Bitcoin among seven wallets that had 1,100 to 2,200 BTC. The two biggest batches, totaling $142.2 million and $128.1 million, respectively, were to wallet addresses “1Fnhp” and “1LERL.”
However, it has now been revealed that all these wallets were owned by the company itself, meaning that Tesla has not sold its Bitcoin Holdings. Interestingly, the company has made another Bitcoin move today, but the new wallet still seems in connection with the automatic car maker.
According to BitcoinTreasuries data, if Arkham’s analysis is accurate, Musk’s company is still the fourth-largest corporate Bitcoin holding, behind only business analytics firm MicroStrategy and Bitcoin miners Marathon Digital and Riot Platforms.
Elon Musk Reassures Crypto Potential
Today’s Bitcoin transaction by Tesla comes just a day after Elon Musk had stated his confidence in the digital asset world. The CEO of Spacex and Tesla, spoke about XRP and cryptocurrencies at a Pittsburgh town hall, recognizing its potential in the face of governmental scrutiny.
Musk underlined that cryptocurrencies are essential for advancing individual liberty and thwarting centralized authority. The market responded favorably to his remarks, which demonstrated the growing significance of cryptocurrency in influencing future financial systems and innovation regulations.
Tesla’s $760 Million Bitcoin Shift: What Had Happened?
As UnoCrypto reported earlier citing blockchain company statistics, Elon Musk’s Tesla had virtually shifted all 11,500 Bitcoins, or about $760 million.
There were 26 distinct transactions to different wallet addresses in the October 15 movement.
Since Tesla’s Bitcoin holdings had lain dormant for two years before these transfers, the cryptocurrency community had taken notice of this action.
Significant volatility in Bitcoin prices had resulted from the abrupt change of Tesla’s Bitcoin holdings, which generated a lot of conjecture among cryptocurrency enthusiasts. From Tesla taking direct custody of its Bitcoin to getting ready for possible liquidation, a number of scenarios have surfaced.
More amusing conjectures included the idea that Elon Musk will switch to Trump-themed meme coins, while more hopeful onlookers speculated that the business might be preparing to take Bitcoin payments once more.