Tesla Still Holds US$780 Million Worth of Bitcoin Despite Moving the Crypto Asset to a New Wallet

According to a report from blockchain analytic firm Arkham Intelligence, this move does not mean Tesla is selling their Bitcoin, but simply doing a " wallet rotation."

Electric car company Tesla is still reported to have Bitcoin deposits of US$780 million (Rp12 trillion), even though the company recently made a massive move of the crypto asset to an unidentified wallet. However, this move does not indicate that Tesla is selling their Bitcoin, but rather simply doing a "wallet rotation."

Reporting from Cointelegraph, on October 15, 2024, Tesla moved its entire 11,509 Bitcoins to seven different wallets, each storing between 1,100 to 2,200 BTC. The two largest wallets, "1Fnhp" and "1LERL," received transfers worth 142.2 million US Dollars (Rp2.2 trillion) and 128.1 million US Dollars (Rp1.9 trillion).

The move had sparked concerns among the crypto community, with many fearing that Tesla would sell those assets, which could lead to a drop in the price of Bitcoin in the market. However, data from Arkham showed that since such displacements, the wallets have not shown any further activity. Bitcoin remains in the wallet, and there is no sign that Tesla intends to sell it.

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Even though there had been concerns about market "dumping," the price of Bitcoin actually rose by about 5% since the move, peaking at 69,220 US Dollars (Rp1.08 billion) on October 21. However, the price was then slightly corrected by 2.3% to 67,600 US Dollars (Rp1.05 billion).

Why Tesla moved this Bitcoin is still a mystery. Some observers speculate that this step was taken to secure a loan with Bitcoin guarantees, perhaps using the Coinbase Prime Custody service that Tesla currently uses to store their crypto assets.

If Arkham's analysis is correct, Tesla remains one of the largest Bitcoin holders in the world, taking fourth place after business intelligence firm MicroStrategy and Bitcoin Digital Marathon and Riot Platforms miners. Apart from Tesla, space company Elon Musk, SpaceX, also owns 8,285 Bitcoins worth 560 million US Dollars (Rp8.7 trillion), making it the seventh largest Bitcoin holder among private companies.

Tesla first bought Bitcoin in February 2021, acquiring 1.5 billion US Dollars (Rp23.4 trillion) from the crypto asset. Tesla CEO Elon Musk even received Bitcoin as a means of payment for Tesla vehicles in March 2021, but quickly canceled the policy a few weeks later.

Tesla's plans for Bitcoin are likely to be clearer after a third-quarter financial report meeting scheduled for October 23. The company's executives are expected to provide an explanation regarding the recent Bitcoin move. With Tesla still strong holding their Bitcoin assets, the move shows the company's long-term strategy of leveraging digital assets amid the dynamic development of the crypto market.

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