- Tesla has break up the 11,509 Bitcoin throughout seven wallets
- Arkham Intelligence mentioned some have speculated that the transfer was to a crypto custodian
- Tesla stays the third largest publicly traded Bitcoin firm being MicroStrategy and Marathon Digital Holdings
Tesla nonetheless owns 11,509 Bitcoin regardless of the pockets motion final week, in line with a blockchain analytics firm.
In a put up on X, Arkham Intelligence mentioned:
“We imagine that the Tesla pockets actions that we reported on final week had been pockets rotations with the Bitcoin nonetheless owned by Tesla. Tesla moved their complete stability of 11,509 BTC ($776.9M) to new wallets.”
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We imagine that the Tesla pockets actions that we reported on final week had been pockets rotations with the Bitcoin nonetheless owned by Tesla.
Tesla moved their complete stability of 11,509 BTC ($776.9M) to new wallets. pic.twitter.com/aWeHrwjo22
— Arkham (@ArkhamIntel) October 22, 2024
Arkham famous that Tesla split the 11,509 Bitcoin into seven wallets, with the most important pockets holding 1Fnhp – 2109.3 BTC ($142.2M).
“Some have speculated that that is motion to a custodian, for instance to safe a mortgage in opposition to the BTC,” mentioned Arkham.
Third largest publicly traded Bitcoin holder
Tesla’s Bitcoin transfers mark the primary time the electrical automobile firm has interacted with its crypto pockets since 2022 when it initially offered off a good portion of its holdings.
At its top, Tesla owned round 43,000 Bitcoin after it invested $1.5 billion within the crypto asset in February 2021, in line with knowledge from BitcoinTreasuries. This resulted within the sale of $272 million price of Bitcoin within the first quarter of 2021, making a revenue of $128 million.
By the second quarter of 2022, Tesla sold another $936 million in Bitcoin, producing $64 million in features because the market skilled volatility.
With the latest transfers, some feared this is able to result in a market dump. Tesla is predicted to conduct its third-quarter earnings name scheduled on October 23 the place it might reveal its plans for its Bitcoin.
Thus far, Tesla stays the third largest holder of Bitcoin amongst publicly traded firms. It trails behind MicroStrategy and Marathon Digital Holdings.