- Tesla has break up the 11,509 Bitcoin throughout seven wallets
- Arkham Intelligence stated 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 still owns 11,509 Bitcoin regardless of the wallet movement final week, in line with a blockchain analytics firm.
In a publish on X, Arkham Intelligence stated:
“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.”
𝗨𝗣𝗗𝗔𝗧𝗘: 𝗧𝗘𝗦𝗟𝗔 𝗕𝗜𝗧𝗖𝗢𝗜𝗡 𝗪𝗔𝗟𝗟𝗘𝗧𝗦
We imagine that the Tesla wallet actions that we reported on final week have been wallet rotations with the Bitcoin still owned by Tesla.
Tesla moved their complete steadiness 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 biggest wallet holding 1Fnhp – 2109.3 BTC ($142.2M).
“Some have speculated that this is movement to a custodian, for example to secure a loan against the BTC,” stated Arkham.
Third largest publicly traded Bitcoin holder
Tesla’s Bitcoin transfers mark the primary time the electrical automotive firm has interacted with its crypto wallet since 2022 when it initially bought off a good portion of its holdings.
At its peak, Tesla owned round 43,000 Bitcoin after it invested $1.5 billion in the crypto asset in February 2021, in line with knowledge from BitcoinTreasuries. This resulted in the sale of $272 million value of Bitcoin in the primary 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 positive factors because the market skilled volatility.
With the current 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.
To date, Tesla stays the third largest holder of Bitcoin amongst publicly traded corporations. It trails behind MicroStrategy and Marathon Digital Holdings.
