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Cryptocurrency News Articles
Tesla (TSLA) Still HODLs Bitcoin (BTC) Stash Worth $780M, Pre-Earnings Rally Hints at Bullish Market Sentiment
Oct 23, 2024 at 08:02 pm
Tesla's (TSLA) recent Bitcoin (BTC-USD) shuffle has caught considerable attention. Many feared a massive market dump when the electric car giant transferred 11,509 Bitcoin to various wallets on October 15. But hold your horses!
Tesla (NASDAQ:TSLA) recently made waves in the crypto market with a large-scale Bitcoin (BTC/USD) shuffle.
On October 15, the electric car behemoth transferred 11,509 Bitcoin to several wallets, sparking speculation and anxiety among traders. However, according to blockchain analytics firm Arkham Intelligence, the recent analysis suggests that Tesla has not sold any of its BTC stash, which is still valued at a staggering $780 million.
"We believe that the Tesla wallet movements that we reported last week were wallet rotations with the Bitcoin still owned by Tesla," stated Arkham.
Tesla’s Bitcoin transfers initially sent ripples of concern through the crypto community, with X abuzz with speculation about a potential market crash.
But Arkham's data suggests that the funds haven't budged from their new locations since the transfer, easing some nerves. In fact, during this period, the price of Bitcoin increased by 5%, reaching $69,220 on October 21 before pulling back slightly to $67,600.
So, what's the next move for Tesla's Bitcoin?
The reason behind Tesla's large-scale Bitcoin transfers remains unclear, but some analysts speculate that the company might be moving the funds to a custodian in preparation for securing a loan against its crypto holdings.
According to CoinTelegraph, Tesla currently utilizes Coinbase (NASDAQ:COIN) Prime Custody for this purpose.
As Tesla executives are expected to discuss the company's Bitcoin strategy during their upcoming third-quarter earnings call on October 23, traders and investors can stay tuned for any official updates.
Musk's firm remains a major player in the Bitcoin arena, ranking as the fourth-largest corporate holder of the cryptocurrency.
To provide some perspective, Musk's SpaceX holds 8,285 Bitcoin, currently valued at around $560 million.
Since Tesla's initial purchase of $1.5 billion in Bitcoin in February 2021, the company has become a prominent player not just in the automobile industry but also in the world of cryptocurrency.
At the last check, Bitcoin was trading at $66,419.86.
Is Tesla a buy, sell or hold?
Wall Street analysts are largely neutral on TSLA stock, with a consensus rating of Hold based on 11 Buys, 16 Holds, and eight Sells.
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