- 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 keeping with a blockchain analytics firm.
In a publish on X, Arkham Intelligence mentioned:
โWe 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.โ
๐จ๐ฃ๐๐๐ง๐: ๐ง๐๐ฆ๐๐ ๐๐๐ง๐๐ข๐๐ก ๐ช๐๐๐๐๐ง๐ฆ
We consider that the Tesla pockets actions that we reported on final week have been pockets rotations with the Bitcoin nonetheless owned by Tesla.
Tesla moved their total stability of 11,509 BTC ($776.9M) to new wallets. pic.twitter.com/aWeHrwjo22
โ Arkham (@ArkhamIntel) October 22, 2024
Arkham famous that Tesla break up the 11,509 Bitcoin into seven wallets, with the biggest pockets holding 1Fnhp โ 2109.3 BTC ($142.2M).
โSome have speculated that this is movement to a custodian, for example to secure a loan against the BTC,โ mentioned Arkham.
Third largest publicly traded Bitcoin holder
Teslaโs Bitcoin transfers mark the primary time the electrical automotive firm has interacted with its crypto pockets since 2022 when it initially bought 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 keeping with knowledge from BitcoinTreasuries. This resulted within the sale of $272 million value of Bitcoin within the first quarter of 2021, making a revenue of $128 million.
By the second quarter of 2022, Tesla bought one other $936 million in Bitcoin, producing $64 million in positive factors because the market skilled volatility.
With the latest transfers, some feared this may result in a market dump. Tesla is anticipated to conduct its third-quarter earnings name scheduled on October 23 the place it might reveal its plans for its Bitcoin.
To this point, Tesla stays the third largest holder of Bitcoin amongst publicly traded firms. It trails behind MicroStrategy and Marathon Digital Holdings.
