Tesla Splits 11,509 Bitcoin Across Seven Wallets According to Arkham Intelligence Some Speculation That This Move Was a Move to a Cryptocurrency Management Company Tesla Still Ranks Third Behind MicroStrategy and Marathon Digital Holdings A large publicly traded Bitcoin company
Despite the wallet move last week, Tesla still owns 11,509 Bitcoin, according to the blockchain analysis firm.
In a post about X, Arkham Intelligence said:
“We believe the Tesla wallet movement we reported last week was a rotation of wallets using Bitcoin that Tesla still owns.Tesla transferred all of its 11,509 BTC ($776.9 million) balance to the new wallet. I have moved.”
𝗨𝗣𝗗𝗔𝗧𝗘: 𝗧𝗘𝗦𝗟𝗔 𝗕𝗜𝗧𝗖𝗢𝗜𝗡 𝗪𝗔𝗟𝗟𝗘𝗧𝗦
We believe the Tesla wallet movement we reported last week was a rotation of the wallet by Bitcoin, which Tesla still owns.
Tesla moved its entire balance of 11,509 BTC ($776.9 million) to the new wallet. pic.twitter.com/aWeHrwjo22
— Arkham (@ArkhamIntel) October 22, 2024
Arkam pointed out that Tesla has divided its 11,509 Bitcoins into seven wallets, with the largest holding 1Fnhp, or 2,109.3 BTC ($142.2 million).
“Some have speculated that this is a move towards custodians to secure loans against BTC, for example,” Arkam said.
3rd largest listed Bitcoin holder
Tesla's Bitcoin transfer marks the first time the electric car company has interacted with a cryptocurrency wallet since 2022, when it first sold off a significant portion of its holdings.
At its peak, Tesla held around 43,000 Bitcoins after investing $1.5 billion in crypto assets in February 2021, according to data from BitcoinTreasuries. As a result, $272 million worth of Bitcoin was sold in the first quarter of 2021, generating a profit of $128 million.
By the second quarter of 2022, Tesla sold an additional $936 million in Bitcoin, generating a profit of $64 million amid increased market volatility.
With recent transfers, some feared this would lead to a sell-off in the market. Tesla is expected to hold a third-quarter earnings call scheduled for October 23rd, where it may reveal its plans for Bitcoin.
To date, Tesla remains the third largest Bitcoin holder among publicly traded companies. It lags behind MicroStrategy and Marathon Digital Holdings.
