Tesla’s 11,509 BTC remains intact despite mass movement last week, Arkham says
The post Tesla’s 11,509 BTC remains intact despite mass movement last week, Arkham says appeared on BitcoinEthereumNews.com.
Last week, there was a lot of movement in the world of Bitcoin, sparking rumors and speculation. However, Tesla’s large Bitcoin stash stayed untouched. According to analytics firm Arkham, what seemed like big moves were just “wallet rotations,” a normal process for reorganizing funds. Tesla still holds its massive 11,509 BTC, worth around $776.9 million, showing the company’s continued confidence in its Bitcoin investment. Tesla’s Bitcoin Holdings Remain Steady Amid Wallet Movements Tesla, the electric vehicle giant headed by Elon Musk, still holds 11,509 bitcoins, despite the recent activity seen from its wallets last week, according to analytics firm Arkham Intelligence. Arkham explained on X (formerly Twitter) that what appeared to be large Bitcoin movements were actually just “wallet rotations.” The company moved its entire balance of 11,509 BTC, worth around $776.9 million, into new wallets but still retains ownership of the cryptocurrency. This was the first time Tesla interacted with its Bitcoin wallets since selling most of its holdings in 2022, which led to speculation that Tesla might be gearing up to sell more Bitcoin. However, Arkham clarified that Tesla’s BTC is spread across seven wallets, with the largest holding 2,109.3 BTC. There is some speculation that this movement could be related to securing a loan using Bitcoin as collateral, Arkham noted. According to reports, Tesla, which invested approximately $1.5 billion in Bitcoin in February 2021, once held up to 43,000 BTC at its peak, according to data from BitcoinTreasuries. Today, Tesla ranks as the fourth-largest public company holding Bitcoin, following MicroStrategy, Marathon Digital, and Riot Platforms. Tesla’s Bitcoin Strategy: A Key Indicator for Market Confidence and Corporate Adoption Tesla’s position as the fourth-largest public corporate holder of Bitcoin highlights its significant influence on the cryptocurrency market. Although Tesla has reduced its Bitcoin holdings from its peak of…
Filed under: News - @ October 23, 2024 10:27 am