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Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
Is Tesla Selling Bitcoin

Tesla Did Not Sell Its 11,509 Bitcoin, On-Chain Data Reveals

Jake Simmons
by Jake Simmons
10 months ago
·
Posted in Bitcoin News, Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data indicates that Tesla Inc. has retained its entire Bitcoin holdings, dispelling recent speculation about a potential sale. Last week, blockchain analytics firm Arkham Intelligence reported that Tesla had transferred its entire stash of 11,509 BTC—currently valued at over $776 million—to new, unidentified wallets.

This substantial movement led to widespread conjecture that Elon Musk’s Tesla might be divesting its Bitcoin assets once again. However, Arkham Intelligence has updated its findings, suggesting that the transfers were internal and that Tesla still owns the Bitcoin.

Tesla Retains All 11,509 Bitcoin

In a statement on X, Arkham clarified: “We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla. Tesla moved their entire balance of 11,509 BTC ($776.9M) to new wallets.”

The firm found that the coins were redistributed across seven wallets. Each wallet received test transactions, and all but one hold a round number of BTC, suggesting a strategic repositioning rather than liquidation. “The Bitcoin has been split between 7 wallets holding 1,100 and 2,200 BTC. All holding wallets received test transactions and all but one hold a round number of BTC,” Arkham writes via X.

Related Reading: Michael Saylor’s Latest Remarks Shock The Bitcoin World: What He Said

Tesla’s BTC is currently held at the following wallet addresses: 1Fnhp – 2,109.3 BTC ($142.2 million), 1LERL – 1,900 BTC ($128.1 million), 1D6Vh – 1,800 BTC ($121.3 million), 16QZn – 1,700 BTC ($114.6 million), 1QC2z – 1,600 BTC ($107.8 million), 1Phab – 1,300 BTC ($87.6million) and 1MGM8 – 1,100 BTC ($74.1 million).

Tesla BTC holdings
Tesla BTC holdings | Source: X @ArkhamIntel

Arkham added: “Some have speculated that this is movement to a custodian, for example to secure a loan against the BTC.” The speculation that Tesla might be transferring its BTC to a custodian to secure a loan aligns with practices of corporations leveraging crypto assets for liquidity without selling them outright.

Related Reading: Paul Tudor Jones Points To Bitcoin And Gold As Shields Against US Inflation Threats

The timing of these developments is particularly noteworthy. Tesla is scheduled to report its next earnings today, October 23, 2024, after market close (23:30 CEST). The upcoming earnings call could provide further insights into Tesla’s BTC strategy and the rationale behind the recent wallet activities.

Adding a layer of historical context, yesterday, October 22, marked the sixth anniversary of Elon Musk’s first public endorsement of Bitcoin on X. Six years ago, the BTC price was as low as $6,400. On that day in 2018, Musk playfully engaged with followers by sharing an image and commenting, “Wanna buy some Bitcoin?” Since then, BTC has surged by over 1,000%.

✨ Elon Musk telling you to buy #Bitcoin at $6,000, exactly 6 years ago.

Up 1,000% ever since 💫 pic.twitter.com/1UqsyODZqv

— The Bitcoin Historian (@pete_rizzo_) October 22, 2024

Tesla’s relationship with Bitcoin has been dynamic. In February 2021, the company made headlines by purchasing $1.5 billion worth of BTC, as disclosed in a filing with the Securities and Exchange Commission (SEC). This move positioned Tesla as one of the largest corporate holders of BTC.

However, in the second quarter of 2022, Tesla converted 75% of its BTC holdings into fiat currency. The decision was attributed to liquidity concerns stemming from COVID-19 lockdowns in China. The sale amounted to approximately $936 million, as reported in Tesla’s quarterly earnings.

At press time, BTC traded at $67,083.

Bitcoin price
Bitcoin price holds above $67,000, 1-day chart | Source: BTCUSDT on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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