New York, Thursday, October 24, 2024-Tesla’s 11,509 bitcoins, valued at approximately $776.9 million, remain intact despite last week’s significant wallet movements, according to analytics firm Arkham Intelligence. The firm clarified that the movements, which sparked speculation of a potential sale, were merely “wallet rotations,” ensuring the company still holds the same amount of Bitcoin.
On Tuesday, Arkham stated that Tesla moved the entire Bitcoin balance into new wallets, with the largest holding 2,109.3 BTC. Some market observers speculated that the move might indicate Tesla transferring the assets to a custodian to secure a loan. Tesla has not confirmed any such arrangement.
This is the first time Tesla interacted with its Bitcoin wallets since selling a majority of its holdings in 2022. The electric vehicle giant, led by Elon Musk, currently holds the fourth-largest Bitcoin stash among public companies, trailing behind MicroStrategy, Marathon Digital, and Riot Platforms.
Tesla’s decision to retain its Bitcoin holdings contrasts with the company’s previous reduction in 2022 when it offloaded a significant portion of its initial $1.5 billion investment made in 2021. As Tesla prepares to release its third-quarter earnings on Wednesday, the market remains focused on the company’s Bitcoin strategy amid a 12.8% slide in its stock price over the past month.
