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- Tesla moved its Bitcoin but still keeps its entire stash safe and secure.
- Bitcoin prices rose 5% after the transfers showed market strength.
- SpaceX also holds a large amount of Bitcoin worth $560 million.
Tesla has kept its entire Bitcoin stash valued at about $780 million even after recent transfers to new wallets. On October 15, the electric vehicle company moved its holdings and sparked fears of a market dump. However, Arkham Intelligence explained that these transactions likely represent wallet rotations, showing that the company is still in control of the assets.
π¨π£πππ§π: π§ππ¦ππ πππ§ππ’ππ‘ πͺπππππ§π¦
β Arkham (@ArkhamIntel) October 22, 2024
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. pic.twitter.com/aWeHrwjo22
Details of the Transfers
On October 15, Tesla divided its 11,509 Bitcoin across seven new wallets. Each address now holds between 1,100 and 2,200 BTC. Arkham reported that the largest amounts went to two wallets. The wallet labeled β1Fnhpβ received Bitcoin worth $142.2 million, while the wallet β1LERLβ obtained $128.1 million.
This careful division of funds shows how Tesla manages its cryptocurrency assets. The exchange initially raised alarms among investors. Many feared a big sell-off, which led to anxiety on platforms like X. Yet, Arkhamβs data showed no further transactions occurred from these wallets after the transfers. Thus, it suggests that Tesla has not sold any of its holdings.
Impact on Bitcoin Prices
After the transfers, Bitcoin showed strength. The price increased by 5%, reaching $69,220 by October 21. This rise happened despite initial market fears around the transfers. Now investors look for signs that might indicate future price stability or volatility.
π¨ Tesla's Bitcoin Move: No Sell-Off!
β Rananjay Singh (@TodayCryptoRj) October 23, 2024
Tesla still holds a massive 11,509 Bitcoin, valued at nearly $780M. π Recent wallet movements? Just internal shuffling, not a sell! π§ According to Arkham Intelligence, there's no liquidation happening here. π€―#Bitcoin #Tesla #CryptoNewsβ¦ pic.twitter.com/GJoyHSW2ue
Teslaβs Position in the Crypto Market
Tesla is the fourth-largest corporate holder of BTC, trailing only MicroStrategy and its mining companies Marathon Digital and Riot Platforms. The company first invested in the token in February 2021, buying $1.5 billion worth of the digital currency. This expenditure shows Teslaβs long-term commitment to digital assets.
SpaceX, another business led by Elon Musk, also holds the coin. It owns 8,285 Bitcoin worth $560 million, making it the seventh-largest private holder. Tesla uses Coinbase Prime Custody for secure storage of its assets.
The third-quarter earnings call on October 23 may provide more details on its Bitcoin approach. Investors and analysts will be eager to learn how Tesla plans to manage its cryptocurrency positions in this changing market.