Blockchain intelligence platform Arkham Intelligence has confirmed that Tesla's recent transfer of 11,509 BTC was a wallet rotation, with the company still in control of the assets. The funds are now distributed across seven separate wallets, each holding between 1,100 and 2,200 BTC.
Wallet Transfer Details
Arkham stated on X: “We believe that the Tesla wallet movements that we reported on 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.” Notably, the funds were sent to legacy P2PKH addresses rather than more modern formats like P2SH or Bech32. All wallets received test transactions prior to the full transfer, and all but one hold round numbers of BTC.
Tesla and SpaceX Holdings
As of October 23, Tesla's Bitcoin holdings are valued at approximately $765.22 million, widely believed to be custodied by Coinbase Prime. Meanwhile, Elon Musk's SpaceX holds a significant cache of 8,285 BTC, worth around $550.87 million. Combined, the two companies hold over 19,700 BTC—nearly 0.1% of the circulating supply.
Market Interpretation
Tesla's decision to rotate its Bitcoin into legacy addresses suggests a strategic move aligned with internal policies rather than a change in investment stance. The use of older address formats indicates deliberate planning, and the assets have remained stationary since the transfer. Analysts note that on-chain movements do not necessarily equate to sales, and this event underscores the importance of interpreting blockchain data cautiously.
Both Tesla and SpaceX's Bitcoin positions remain unchanged for now. The market is watching for any further adjustments from Musk-affiliated entities, but the long-term holding signal remains intact.