Tesla appears to still hold its $780 million Bitcoin stash despite recent wallet movements, as revealed by blockchain analytics firm Arkham Intelligence. On October 15, Tesla transferred 11,509 BTC into seven different wallets, leading to widespread concern of a potential market dump. However, Arkham confirmed that these were likely internal "wallet rotations" with Tesla maintaining control of the funds.

The two largest receiving wallets got batches worth $142.2 million and $128.1 million, but no Bitcoin has moved since the transfers, calming initial fears. This movement had no significant impact on Bitcoin's price, which saw a 5% rise to $69,220 by October 21, before pulling back slightly.

While the reason for the transfers is unclear, some speculate that Tesla might be preparing to use the funds as collateral for a loan. Tesla currently uses Coinbase Prime Custody for its crypto assets, but the company's true intentions may become clearer during its third-quarter earnings call.

If Arkham’s findings hold, Tesla remains the fourth-largest corporate Bitcoin holder, behind MicroStrategy, Marathon Digital, and Riot Platforms. Meanwhile, Musk’s other company, SpaceX, holds 8,285 Bitcoin worth approximately $560 million.

Tesla's Bitcoin journey began in February 2021 with a $1.5 billion purchase. Despite briefly accepting Bitcoin as payment for its vehicles, the company reversed this decision shortly after, citing environmental concerns.