The electric vehicle giant, which boasts a market cap of $683 billion, holds 11,509 BTC, currently valued at around $776.9 million.
Electric vehicle manufacturer Tesla has shifted its entire Bitcoin stash to new wallets, according to data shared by blockchain analytics firm Arkham Intelligence.
The company, valued at $683 billion in the market, currently holds 11,509 BTC, roughly valued at $776.9 million at the time of writing. The Bitcoin is now distributed among seven wallets with each holding 1,100 and 2,200 BTC, respectively.
However, it’s important to note that the tokens remain under Tesla’s ownership and haven’t been sold in the open market. Data from BitcoinTreasuries shows that Tesla has the fourth-largest Bitcoin holdings among all US companies that are publicly traded.
Interestingly, Tesla’s BTC holdings represent less than 1% of the company’s market cap, while other companies on the list hold Bitcoin worth up to 25% of their capitalization. The top three holders are MicroStrategy and Bitcoin mining companies MARA Holdings and Riot Platforms.
Tesla had initially announced an investment of $1.5 billion in Bitcoin during the previous cycle. However, Musk later voiced concerns about the environmental impact of Bitcoin mining in mid-2021. In 2022, Tesla sold most of its BTC holdings when the digital asset was priced around $20,000.
Bitcoin Price Struggles to Break Above $69K
Bitcoin is currently trading at $67,022.51, down 0.8% in the past 24 hours. Its market capitalization stands at $1.3 trillion, with a trading volume of $29.54 billion, a 20.28% decline over the past 24 hours. The leading cryptocurrency reached a daily high of $67,801.58 after recovering from a daily low of $66,612.02.
The Relative Strength Index (RSI) reads a value of 60 which means that the bulls are currently in control of the Bitcoin price action while the gradient of the line suggests that lower prices might be possible.
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