Tesla's $780M Bitcoin Holdings Secure Amid Wallet Transfers

Electric vehicle leader Tesla is reportedly maintaining its entire Bitcoin investment, which is valued at approximately $780 million, despite recent transfers of the cryptocurrency to unknown wallets.

According to Arkham Intelligence, a blockchain analytics firm, these transactions are likely routine wallet rotations instead of indications of a sale or liquidation.

“We believe that the Tesla wallet movements reported last week were simply wallet rotations, with the Bitcoin still owned by Tesla,” Arkham Intelligence stated in a recent post.

Breakdown of Tesla's Bitcoin Wallets

On October 15, Tesla redistributed its 11,509 Bitcoin across seven new wallets, with each wallet containing between 1,100 and 2,200 BTC, as noted by Arkham.

• The two largest wallets, identified as “1Fnhp” and “1LERL,” received significant amounts, valued at $142.2 million and $128.1 million, respectively.

• Initial concerns about a possible market dump arose following these large-scale transfers, leading to speculation on social media platforms.

However, Arkham's analysis shows that no further Bitcoin transactions have taken place from these wallets since the transfers, indicating that Tesla has not sold any of its holdings.

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“We believe that the Tesla wallet movements reported last week were wallet rotations, with the Bitcoin still owned by Tesla.”

Tesla moved their entire balance of 11,509 BTC ($776.9M) to new wallets.

Impact on Bitcoin's Price

Interestingly, these transfers did not negatively affect Bitcoin's market price. In fact, Bitcoin experienced a rise of 5% to $69,220 by October 21 before slightly retreating to $67,600, according to CoinGecko.

While Tesla has not publicly stated the reasons behind these transfers, some speculate that the funds may be moved to a custodian for potential loans, as Tesla currently utilizes Coinbase Prime Custody for its storage needs.

Tesla's upcoming third-quarter earnings call, scheduled for October 23, may provide further insights into the company’s strategies.

If Arkham's analysis holds true, Tesla continues to be one of the largest corporate holders of Bitcoin, following MicroStrategy, Marathon Digital, and Riot Platforms.

Meanwhile, Elon Musk's other company, SpaceX, owns 8,285 Bitcoin, valued at $560 million. Tesla originally acquired Bitcoin in February 2021 with a $1.5 billion investment.

Elon Musk's Voter Registration Initiative Raises Legal Concerns

Elon Musk, founder of America Pac, a political action committee associated with Donald Trump, has announced a daily prize of $1 million to promote voter registration ahead of the presidential election.

During a town hall event in Pennsylvania, Musk revealed that individuals who sign a petition supporting the First and Second Amendments will be entered into a daily draw for the $1 million prize.

• To qualify, participants must be registered voters in key battleground states.

• Musk emphasized that the initiative aims to raise awareness about the petition, which he claims is underreported by traditional media.

This strategy is viewed as an attempt to mobilize Trump supporters in crucial states by offering a financial incentive for voter registration.

In a display of enthusiasm, Musk presented the first winner with a lottery-style check during the event.

Additionally, signing the petition has become a prerequisite for attending Musk's town hall gatherings.

However, the legality of this initiative is being questioned.

• Legal experts suggest that the prize draw could violate federal election laws, which prohibit compensating individuals for registering or voting.

• The U.S. Department of Justice has yet to comment, but UCLA law professor Rick Hasen noted that Musk's initiative appears to be unlawful, as federal laws distinguish between facilitating voting and offering payments to induce it.