Overview of Tesla’s Bitcoin Holdings
- Tesla currently manages 11,509 Bitcoin distributed across seven wallets.
- Speculations suggest the movement could relate to a custodian arrangement.
- With this current holding, Tesla remains the third-largest publicly traded entity in Bitcoin ownership, after MicroStrategy and Marathon Digital Holdings.
Tesla’s Bitcoin Position Confirmed
According to recent analysis by Arkham Intelligence, Tesla’s wallet movements did not indicate a sale; rather, the company retains ownership of its 11,509 Bitcoin, valued at approximately $776.9 million.
𝗨𝗣𝗗𝗔𝗧𝗘: 𝗧𝗘𝗦𝗟𝗔 𝗕𝗜𝗧𝗖𝗢𝗜𝗡 𝗪𝗔𝗟𝗟𝗘𝗧𝗦
Tesla moved their total balance of 11,509 BTC ($776.9M) to new wallets as part of their routine wallet rotation.
— Arkham (@ArkhamIntel) October 22, 2024
Wallet Distribution Details
Arkham’s analysis revealed that the Bitcoin was distributed across seven wallets, the largest of which holds 2,109.3 BTC (approximately $142.2 million).
There are suggestions that this wallet movement may be in preparation for securing a loan against the Bitcoin assets.
Tesla’s Journey in the Bitcoin Market
This activity marks a significant incident for Tesla, being the first engagement with its cryptocurrency wallets since 2022 when the company sold off a considerable portion of its Bitcoin holdings.
Initially, Tesla had invested $1.5 billion in Bitcoin in February 2021, reaching a peak of approximately 43,000 BTC.
In early 2021, they liquidated $272 million worth of Bitcoin, yielding a profit of $128 million. By the second quarter of 2022, they further reduced their holdings by selling an additional $936 million worth of Bitcoin, resulting in a gain of $64 million amid market fluctuations.
Concerns Over Market Impact
The recent wallet transfers spurred concerns that it could potentially trigger a market dump. Tesla’s upcoming third-quarter earnings call scheduled for October 23 is anticipated to shed light on their future strategies regarding Bitcoin ownership.
Current Bitcoin Ownership Ranking
As of now, Tesla stands as the third-largest Bitcoin holder among publicly listed companies, following MicroStrategy and Marathon Digital Holdings.
