Recent on-chain analysis has debunked speculation that Tesla sold its substantial Bitcoin holdings. Blockchain analytics firm Arkham Intelligence initially reported that Tesla transferred its entire stash of 11,509 BTC (worth approximately $776 million) to unidentified wallets. However, updated findings suggest these were internal wallet rotations, confirming Tesla still owns the Bitcoin.
Key Details of Tesla’s Bitcoin Holdings
- Total Holdings: 11,509 BTC (~$776 million at current prices).
- Wallet Distribution: BTC redistributed across 7 wallets, each holding between 1,100 and 2,200 BTC.
- Purpose: Likely wallet reorganization or preparation for collateralized lending, not liquidation.
Wallet Addresses and Balances:
| Wallet Address | BTC Held | USD Value |
|---|---|---|
| 1Fnhp | 2,109.3 BTC | $142.2 million |
| 1LERL | 1,900 BTC | $128.1 million |
| 1D6Vh | 1,800 BTC | $121.3 million |
| 16QZn | 1,700 BTC | $114.6 million |
| 1QC2z | 1,600 BTC | $107.8 million |
| 1Phab | 1,300 BTC | $87.6 million |
| 1MGM8 | 1,100 BTC | $74.1 million |
Historical Context and Tesla’s Bitcoin Strategy
Tesla’s relationship with Bitcoin has seen significant milestones:
- February 2021: Purchased $1.5 billion in BTC, becoming a major corporate holder.
- Q2 2022: Sold 75% of holdings (~$936 million) due to liquidity concerns during China’s COVID lockdowns.
Did You Know?
Elon Musk first publicly endorsed Bitcoin on October 22, 2018, when BTC traded at $6,400. Since then, Bitcoin’s price has surged over 1,000%.
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FAQs: Tesla’s Bitcoin Holdings
1. Did Tesla sell its Bitcoin?
No. Recent transfers were internal wallet rotations, not sales.
2. Why did Tesla move its BTC?
Possible reasons include security upgrades, custody transitions, or collateral for loans.
3. How much Bitcoin does Tesla own?
11,509 BTC (~$776 million as of October 2024).
4. When will Tesla next report earnings?
October 23, 2024, after market close. The call may clarify BTC strategy.
5. What’s the significance of Elon Musk’s 2018 Bitcoin tweet?
It marked his first public endorsement, with BTC rising 1,000% since.
BTC Price Update: $67,083 at press time.