• Tesla splits 11,509 Bitcoins into 7 wallets
• Arkham Intelligence mentioned some speculated the transfer was towards cryptocurrency custodians.
• Tesla stays the third largest Bitcoin-listed firm after MicroStrategy and Marathon Digital Holdings

Regardless of the pockets transfer final week, Tesla nonetheless owns 11,509 Bitcoin, in accordance with the blockchain evaluation agency.

In a submit about X, Arkham Intelligence mentioned:

“We consider the Tesla pockets motion we reported final week was a pockets rotation with Bitcoin nonetheless owned by Tesla. Tesla moved its complete steadiness of 11,509 BTC ($776.9 million) to the brand new pockets.”

𝗨𝗣𝗗𝗔𝗧𝗘: 𝗧𝗘𝗦𝗟𝗔 𝗕𝗜𝗧𝗖𝗢𝗜𝗡 𝗪𝗔𝗟𝗟𝗘𝗧𝗦

We consider the Tesla pockets motion we reported final week was a rotation of the pockets by Bitcoin that Tesla nonetheless owns.

Tesla moved its complete steadiness of 11,509 BTC ($776.9 million) to the brand new pockets. pic.twitter.com/aWeHrwjo22

— Arkham (@ArkhamIntel) October 22, 2024

Arkam identified that Tesla has divided its 11,509 Bitcoins into seven wallets, with the most important holding 1Fnhp, or 2,109.3 BTC ($142.2 million).

“Some have speculated that it is a transfer in direction of custodians to safe loans towards BTC, for instance,” Arkam mentioned.

third largest listed Bitcoin holder

Tesla's Bitcoin switch marks the primary time the electrical automobile firm has interacted with a cryptocurrency pockets since 2022, when it first bought off a good portion of its holdings.

At its peak, Tesla held round 43,000 Bitcoins after investing $1.5 billion in crypto belongings in February 2021, in accordance with knowledge from BitcoinTreasuries. Consequently, $272 million value of Bitcoin was bought within the first quarter of 2021, producing a revenue of $128 million.

By the second quarter of 2022, Tesla bought a further $936 million in Bitcoin, producing a revenue of $64 million amid elevated market volatility.

With latest transfers, some feared this is able to result in a sell-off available in the market. Tesla is predicted to carry a third-quarter earnings name scheduled for October twenty third, the place it might reveal its plans for Bitcoin.

To this point, Tesla stays the third-largest Bitcoin holder amongst publicly traded firms. It lags behind MicroStrategy and Marathon Digital Holdings.