- Tesla distributed the 11,509 Bitcoins between seven wallets
- Arkham Intelligence mentioned some had speculated that the switch was to a cryptocurrency custodian.
- Tesla stays the third largest publicly traded Bitcoin firm, after MicroStrategy and Marathon Digital Holdings.
Tesla nonetheless owns 11,509 Bitcoins regardless of final week's pockets motion, in response to a blockchain analytics firm.
In an article on X, Arkham Intelligence said:
“We imagine the Tesla portfolio strikes we reported on final week had been portfolio rotations with Bitcoin nonetheless held by Tesla. Tesla transferred its total steadiness of 11,509 BTC ($776.9 million) to new wallets.
𝗨𝗣𝗗𝗔𝗧𝗘: 𝗧𝗘𝗦𝗟𝗔 𝗕𝗜𝗧𝗖𝗢𝗜𝗡 𝗪𝗔𝗟𝗟𝗘𝗧𝗦
We imagine the Tesla portfolio strikes we reported on final week had been portfolio rotations with Bitcoin nonetheless held by Tesla.
Tesla transferred its total steadiness of 11,509 BTC ($776.9 million) to new wallets. pic.twitter.com/aWeHrwjo22
– Arkham (@ArkhamIntel) October 22, 2024
Arkham famous that Tesla divided the 11,509 Bitcoins into seven wallets, with the biggest pockets containing 1Fnhp – 2109.3 BTC ($142.2 million).
“Some have speculated that this was a switch to a custodian, for instance to safe a mortgage in opposition to BTC,” Arkham mentioned.
Third largest publicly traded Bitcoin holder
Tesla's Bitcoin transfers mark the primary time the electrical automotive maker has interacted with its crypto pockets since 2022, when it initially bought a good portion of its holdings.
At its peak, Tesla owned round 43,000 Bitcoins after investing $1.5 billion within the crypto asset in February 2021, in response to knowledge from BitcoinTreasuries. This resulted within the sale of Bitcoin value $272 million within the first quarter of 2021, producing a revenue of $128 million.
Within the second quarter of 2022, Tesla bought a further $936 million in Bitcoin, producing $64 million in features whereas the market was risky.
With the current transfers, some feared that this might result in market dumping. Tesla is anticipated to carry its third-quarter earnings convention name scheduled for October 23, throughout which it may reveal its plans for its Bitcoin.
Thus far, Tesla stays the third largest holder of Bitcoin amongst publicly traded corporations. It lags behind MicroStrategy and Marathon Digital Holdings.
