Electric vehicle giant Tesla is believed to still hold its entire Bitcoin investment, valued at $780 million, despite transferring the funds to unknown wallets earlier this month.
According to blockchain analytics firm Arkham Intelligence, the movements are likely part of routine wallet rotations, rather than a sale or liquidation.
“We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla,” Arkham Intelligence said in a recent post on X.
Tesla Split its Bitcoin Holdings Across Seven Wallets
On October 15, Tesla split its 11,509 Bitcoin across seven new wallets, each holding between 1,100 and 2,200 BTC, as observed by Arkham.
The two largest wallets, labeled “1Fnhp” and “1LERL,” received the most significant portions, valued at $142.2 million and $128.1 million, respectively.
The large-scale movement initially triggered concerns of a possible market dump, igniting speculation on social media platforms like X.
However, Arkham’s data indicates that no further Bitcoin transactions have occurred from these wallets since the transfers, suggesting Tesla has not sold any of its holdings.
Additionally, the transfers have not negatively impacted Bitcoin’s price.
In fact, Bitcoin rose 5% to $69,220 by October 21 before pulling back slightly to $67,600, according to CoinGecko.
While Tesla has not disclosed the reason behind these transfers, some speculate that the funds could be moved to a custodian for a potential loan, as Tesla currently uses Coinbase Prime Custody for storage.
Tesla’s third-quarter earnings call, scheduled for October 23, may shed more light on the company’s intentions.
If Arkham’s assessment is accurate, Tesla remains one of the largest corporate Bitcoin holders, trailing only MicroStrategy, Marathon Digital, and Riot Platforms.
Meanwhile, Elon Musk’s other company, SpaceX, holds 8,285 Bitcoin, valued at $560 million.
Tesla first acquired Bitcoin in February 2021 with a $1.5 billion purchase.
Elon Musk’s $1M Daily Prize for Voter Registration Raises Legal Questions
Elon Musk, founder of America Pac, a political action committee allied with Donald Trump, has announced a $1 million daily prize to encourage voter registration ahead of the presidential election.
Speaking at a town hall event in Pennsylvania, Musk revealed that anyone who signs a petition supporting the First and Second Amendments would be entered into a daily draw for $1 million.
However, to qualify, signers must be registered voters in key battleground states.
Musk emphasized that the prize aims to raise awareness about the petition, which he claims is underreported by traditional media.
The petition is seen as a strategy to mobilize Trump supporters in critical states by offering a financial incentive to register to vote.
In a show of enthusiasm, Musk presented the first winner with a lottery-style check at the event.
Additionally, signing the petition has become a requirement to attend Musk’s town hall gatherings.
While the initiative may appeal to potential voters, its legality is being questioned.
Several legal experts suggest that the prize draw could violate federal election laws, which prohibit paying people to register or vote.
The U.S. Department of Justice has yet to comment on the situation, but UCLA law professor Rick Hasen pointed out that Musk’s initiative appears to be illegal.
Federal election laws differentiate between making it easier for people to vote and offering payments to induce voting, the latter being unlawful.
The post Tesla’s $780M Bitcoin Holding Likely Intact Despite Recent Wallet Transfers: Arkham Intelligence appeared first on Cryptonews.
