Arkham Confirms Tesla's Bitcoin Stash Remains Untouched—SpaceX Holds $550M

The crypto community buzzed last week when Tesla moved 11,509 BTC to new wallets. What's especially interesting is that these funds weren't transferred to the more modern bitcoin address formats like P2SH (Pay-to-Script-Hash) or Bech32 (native Segwit).

Last week, Tesla shifted 11,509 BTC to new wallets, and Arkham Intelligence now claims that the bitcoin was likely just relocated.

According to Arkham, the assets are now spread across seven separate wallets and have remained static since the initial transfer.

Arkham stated that the bitcoin was moved to legacy addresses, and the funds have not budged since the initial transfer. As of Oct. 23, Tesla’s bitcoin holdings are valued at $765.22 million, and it’s believed that the stash is secured by Coinbase Prime Custody. Joining Tesla in the bitcoin game, Elon Musk’s Spacex also holds a significant amount of BTC. At the time of writing, Spacex’s cache sits at 8,285 BTC, valued at $550.87 million in USD value.

Tesla’s move to rotate its bitcoin holdings into new wallets could be a strategic decision, potentially aimed at enhancing security without altering its position. The use of legacy addresses, rather than more modern options, indicates a deliberate choice that may align with the company’s internal policies.

With substantial reserves held by both Tesla and Spacex, these assets reflect continued confidence in bitcoin as a store of value. Whether these moves foreshadow further adjustments remains to be seen, but the company’s commitment to holding large amounts of bitcoin seems clear.

Writer’s Take: The key takeaway from this story is simple: just because bitcoin gets transferred doesn’t necessarily mean it was sold.

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