Tesla Moves All Its Bitcoin in Major Wallet Rotation

Tesla, the electric car company led by Elon Musk, recently moved all of its Bitcoin (BTC) holdings in a series of significant transactions. But blockchain intelligence firm Arkham Intelligence reports that the coins were likely shifted to new wallets controlled by the company. Tesla, one of the largest publicly-traded companies to invest in Bitcoin, had not moved its BTC for two years prior to this.

Arkham revealed the wallet movements on Twitter (aka X), closely monitoring the transactions as Tesla’s involvement in cryptocurrency remains a topic of interest in the financial world.

Tesla’s Bitcoin Moves

According to Arkham, the Bitcoin was moved on October 15. Splitting into seven new wallets believed to still be under Tesla’s control. The firm noted, “We believe that the Tesla wallet movements…were wallet rotations with the Bitcoin still owned by Tesla.“

Tesla has not confirmed the wallet changes and did not respond to inquiries regarding the transactions. Last week, the company similarly declined to confirm the movements of its Bitcoin.

Tesla made headlines in 2021 when it invested $1.5 billion in Bitcoin. While Musk initially championed the move. He later backtracked due to environmental concerns surrounding Bitcoin mining. As a result, Tesla sold most of its Bitcoin holdings in 2022, reporting a loss.

Current Bitcoin Holdings and Market Impact

Despite the sell-off, Tesla still holds 11,509 Bitcoin, and its value has increased significantly since the company began reducing its crypto holdings. As of this writing, Tesla’s BTC stash is worth approximately $776 million.

Tesla’s Bitcoin investment remains a major part of its financial narrative. Though it is not the largest corporate holder of the cryptocurrency. Other public companies, such as MicroStrategy, Riot, and Marathon, hold even more substantial Bitcoin reserves. MicroStrategy alone has amassed around $17 billion worth of BTC, making it the largest corporate holder.

Tesla’s role in the crypto space remains significant, especially as the price of Bitcoin continues to rise. The recent wallet movements have reignited speculation around Musk’s plans for the company’s cryptocurrency strategy, though no new developments have been officially confirmed.