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Cryptocurrency News Articles
Tesla Retains All 11,509 Bitcoin (BTC) Ahead of Earnings Report
Oct 23, 2024 at 02:07 pm
On-chain data indicates that Tesla Inc. has retained its entire Bitcoin holdings, dispelling recent speculation about a potential sale.
Blockchain analytics firm Arkham Intelligence has updated its findings regarding Tesla Inc.'s Bitcoin (BTC) holdings, dispelling recent speculation about a potential sale by the electric car maker.
Last week, Arkham reported that Tesla had moved its entire stash of 11,509 BTC—currently valued at over $776 million—to new, unidentified wallets. This substantial movement led to widespread conjecture that Elon Musk’s Tesla might be divesting its Bitcoin assets once again.
However, in an update to its findings, Arkham now suggests that the BTC transfers were internal, and that Tesla still owns the coins.
Tesla Retains All 11,509 Bitcoin
In a statement on Monday, Arkham clarified: “We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla. Tesla moved their entire balance of 11,509 BTC ($776.9M) to new wallets.”
The firm found that the coins were redistributed across seven wallets, with each receiving test transactions. All but one of the wallets hold a round number of BTC, suggesting a strategic repositioning rather than a liquidation.
“The Bitcoin has been split between 7 wallets holding 1,100 and 2,200 BTC. All holding wallets received test transactions and all but one hold a round number of BTC,” Arkham writes in the statement.
Tesla’s BTC is currently held at the following wallet addresses: 1Fnhp – 2,109.3 BTC ($142.2 million), 1LERL – 1,900 BTC ($128.1 million), 1D6Vh – 1,800 BTC ($121.3 million), 16QZn – 1,700 BTC ($114.6 million), 1QC2z – 1,600 BTC ($107.8 million), 1Phab – 1,300 BTC ($87.6million) and 1MGM8 – 1,100 BTC ($74.1 million).
“Some have speculated that this is movement to a custodian, for example to secure a loan against the BTC,” Arkham added.
The speculation that Tesla might be transferring its BTC to a custodian to secure a loan aligns with practices employed by some corporations to leverage their crypto assets for liquidity without selling them outright.
The timing of these developments is also particularly noteworthy, as Tesla is scheduled to report its next earnings today, October 23, 2024, after market close (23:30 CEST). The upcoming earnings call could provide further insights into Tesla’s BTC strategy and the rationale behind the recent wallet activities.
Adding a layer of historical context, yesterday, October 22, marked the sixth anniversary of Elon Musk’s first public endorsement of Bitcoin on Twitter. Six years ago, the BTC price was as low as $6,400. On that day in 2018, Musk playfully engaged with his followers by sharing an image and commenting, “Wanna buy some Bitcoin?” Since then, BTC has surged by over 1,000%.
Elon Musk telling you to buy #Bitcoin at $6,000, exactly 6 years ago.
Up 1,000% ever since 💫 pic.twitter.com/1UqsyODZqv
— The Bitcoin Historian (@pete_rizzo_) October 22, 2024
Tesla’s relationship with Bitcoin has been dynamic. In February 2021, the company made headlines by purchasing $1.5 billion worth of BTC, as disclosed in a filing with the Securities and Exchange Commission (SEC). This move positioned Tesla as one of the largest corporate holders of BTC.
However, in the second quarter of 2022, Tesla converted 75% of its BTC holdings into fiat currency. The decision was reportedly driven by liquidity concerns arising from COVID-19 lockdowns in China. The sale amounted to approximately $936 million, as stated in Tesla’s quarterly earnings.
At press time, BTC trades at $67,083.
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