- • According to Arkham Intelligence, the bitcoin transferred by Tesla last week was likely just relocated to newer wallets, with the funds now spread across seven separate wallets.
- • Tesla still holds control over 11,509 BTC worth around $765 million, secured by Coinbase Prime Custody.
- • Elon Musk’s SpaceX also holds a sizable amount of 8,285 BTC valued at around $550 million.
Elon Musk‘s electric vehicle company Tesla made waves last year when it announced a $1.5 billion investment in Bitcoin. While some of those coins have been sold, most of the stash remains intact. According to blockchain intelligence firm Arkham, Tesla still holds a sizable position in the leading cryptocurrency.
Tesla’s Bitcoin Transfers
Last week, crypto watchers noticed Tesla transferring 11,509 BTC worth around $765 million at the time to new wallets. This movement sparked speculation that the company might be selling some of its holdings. However, Arkham has confirmed that this was simply an internal transfer.
The bitcoin has been split between 7 different wallets in round amounts. Arkham believes this was likely done to enhance security through diversification, while still maintaining control of the assets. The transferred funds have remained in these new wallets.
However, Tesla’s Q3 2024 earnings report released this afternoon confirmed that the company did not sell any of its $763 million Bitcoin stash, though it made notable transactions by transferring the full amount between wallets. The move, which included several transactions of over $75 million each, did not result in any sales or exchanges into stablecoins or other cryptocurrencies. Tesla’s decision to hold onto its Bitcoin, despite market volatility, has driven speculation about potential future price rallies, especially as analysts predict a surge in BTC value after the upcoming US elections, with price targets reaching as high as $125,000.
SpaceX Also Holds Bitcoin
In addition to Tesla, Elon Musk’s rocket company SpaceX is also invested in bitcoin. SpaceX currently holds around 8,285 BTC worth over $550 million. The substantial holdings of both companies demonstrate continued confidence in bitcoin’s value proposition.
Conclusion
The recent shuffling of Tesla’s bitcoin likely represents an internal transfer for security purposes rather than the sale of assets. With Tesla and SpaceX still holding large amounts of BTC, it seems clear that Elon Musk remains bullish on bitcoin over the long-term despite its volatility. Both companies appear positioned to benefit from any future appreciation in the value of their bitcoin investments.
