Arkham: Tesla still owns $780m in Bitcoin following wallet activity
Tesla splits 11,509 bitcoins into seven wallets, Arkham Intelligence says Some speculate the move is a move to crypto guardian Tesla's third-largest publicly traded bitcoin company is MicroStrategy and Marathon Digital Holdings.
Despite last week's wallet activity, Tesla still owns 11,509 Bitcoin, according to a blockchain analytics company.
In a post on X, Arkham Intelligence said:
“We believe the Tesla Wallet activities we reported last week were still wallet rotations with Tesla-owned Bitcoin. Tesla moved their entire 11,509 BTC ($776.9M) balance to a new wallet.”
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We believe the Tesla wallet activity we reported last week is still a wallet rotation with Tesla-owned Bitcoin.
Tesla moved their entire 11,509 BTC ($776.9M) balance to a new wallet. pic.twitter.com/aWeHrwjo22
— Arkham (@ArkhamIntel) October 22, 2024
Arkham Tesla split 11,509 bitcoins into seven wallets, revealing 1Fnhp – the largest wallet with 2109.3 BTC ($142.2M).
“Some have speculated that this is a move towards a guardian, for example to get a loan on BTC,” Arkham said.
The third largest publicly traded Bitcoin holder
Tesla Bitcoin transfers will interact with crypto wallets for the first time since 2022, when the electric car company sold a significant portion of its holdings.
At its height, Tesla owned around 43,000 Bitcoin after investing 1.5 billion in crypto assets in February 2021, according to information from BitcoinTreasuries. This resulted in a profit of $128 million by selling $272 million worth of bitcoins in the 2021 quarter.
In the year In the second quarter of 2022, Tesla sold another $936 million in Bitcoin, making a $64 million profit as the market experienced volatility.
With recent transfers, some have feared that this could lead to a market collapse. Tesla is expected to hold its third quarter earnings call on October 23, where it may reveal its plans for Bitcoin.
As of now, Tesla is the third largest holder of Bitcoin among publicly traded companies. He is behind MicroStrategy and Marathon Digital Holdings.
