Despite a flurry of activity from its Bitcoin wallets last week, electric vehicle giant Tesla remains a significant holder of the cryptocurrency. According to analytics firm Arkham Intelligence, Tesla still owns 11,509 bitcoins, valued at approximately $776.9 million.
The recent wallet movements, which saw Tesla transfer its entire Bitcoin balance to new addresses, sparked speculation that the company might be preparing to sell its holdings. However, Arkham Intelligence has clarified that these were likely internal wallet rotations, with the Bitcoin remaining under Tesla’s control.
Teslaβs Bitcoin holdings have fluctuated over the past few years. In February 2021, the company made a significant investment of around $1.5 billion in Bitcoin, at one point owning as much as 43,000 BTC. However, in 2022, Tesla sold off a portion of its holdings, citing concerns about market volatility.
The company’s current Bitcoin holdings are distributed across seven wallets, with the largest holding 2,109.3 BTC. Arkham Intelligence suggests that the recent wallet movements could be part of a strategy to secure a loan against the Bitcoin, perhaps by transferring the holdings to a custodian.
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Tesla’s Bitcoin holdings have drawn significant attention, both from investors and the broader cryptocurrency community. As the company continues to explore new avenues for growth, its stance on Bitcoin will undoubtedly remain a topic of interest.
As Tesla prepares for its third-quarter earnings call on Wednesday, investors will be closely watching for any updates on the company’s Bitcoin strategy. Tesla’s stock has faced recent pressure due to disappointing delivery numbers and a less-than-expected robotaxi event.
Disclaimer:Β The information in this article is for general purposes only and does not constitute financial advice. The authorβs views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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