Tesla Latest News: The Explanation Behind Secret Bitcoin Transfer

Tesla Latest News: Inside Tesla’s Secret $770M Bitcoin Transfer

Tesla’s bitcoin holdings remain steady for Q3 2024 despite a major wallet transfer of 11,509 BTC, valued at around $770 million. The move, which did not signal a sale, was speculated to be routine security management.

Tesla's Response to the Secret Bitcoin Transfer of $770M Controversy

Tesla surprised the crypto community in mid-October 2024 when it transferred its 11,509 BTC, valued at approximately $770 million, to new wallets after two years of inactivity. 

Tesla Moves $770M Bitcoin to secret wallet sparked widespread speculation, with some analysts questioning whether Tesla was preparing to sell its Bitcoin or use it for another purpose. However, no BTC was transferred to exchanges, suggesting that a sale was unlikely. Tesla has since clarified that this was a routine security measure.

Arkham Intelligence, a blockchain analytics firm, confirmed that the transfer was a wallet reorganization, meaning Tesla still retains control of its Bitcoin. The company's BTC is now spread across seven wallets, each containing between 1,100 and 2,200 BTC. Arkham further indicated that Tesla stores its Bitcoin securely through Coinbase Prime Custody, a trusted institution for large-scale holdings.

Tesla has remained a significant player in the crypto world since its notable Bitcoin purchase in 2021. With 11,509 BTC, Tesla holds the third-largest Bitcoin reserve among public companies, behind MicroStrategy and Marathon Digital. 

Despite the transfer causing initial concerns, Tesla remains committed to its long-term crypto strategy while focusing on core business operations, including electric vehicle production and energy storage.

Tesla's Clarification On BTC Holdings 

Tesla’s third-quarter earnings report for 2024 confirms that its bitcoin holdings remain stable at $184 million, the same value reported last quarter. The company clarified that its recent Bitcoin wallet transfer was part of routine security measures, not an indication of a planned sale.

Arkham Intelligence verified that the transfer was a simple rotation of wallets, meaning Tesla still retains full control of its 11,509 BTC. Tesla’s Bitcoin is now distributed across seven wallets, with none of the coins being sent to exchanges. Tesla continues to store its Bitcoin with Coinbase Prime Custody securely.

Despite speculation surrounding the transfer, Tesla’s long-term commitment to its digital asset strategy remains intact.

Conclusion

It reassures investors that Tesla bitcoin holdings remain secure after the wallet transfer, emphasizing that no sale occurred. The company continues to focus on its growth in electric vehicles, energy storage, and AI development.