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Arkham: Tesla Still Owns $780 Million in Bitcoin

Arkham: Tesla Still Owns $780 Million in Bitcoin

HappyCoinNewsHappyCoinNews2024/10/23 20:30
By:HappyCoinNews

Blockchain analytics company Arkham has reported that electric car maker Tesla still holds 11 BTC, worth about $509 million.

We believe that the Tesla wallet movements we reported last week were simply wallet switches, with the bitcoins still belonging to Tesla. As a reminder, Tesla moved its entire balance of 11 BTC ($509 million) to new addresses, Arkham analysts wrote.

On October 15, Tesla distributed 11 bitcoins among seven wallets for the first time in a long time. Each of them now holds between 509 and 1100 BTC, which is Arkham data. Wallets 2200Fnhp and 1LERL received the largest cryptocurrency transfers, amounting to $1 million and $142,2 million, respectively.

Arkham: Tesla Still Owns $780 Million in Bitcoin image 0

Tesla Bitcoin Movements

The large Bitcoin transfers initially raised concerns about a potential market crash. However, that did not happen because Tesla did not sell its crypto assets, but simply moved them. Elon Musk’s company remains the fourth-largest corporate holder of BTC, behind only MicroStrategy, Marathon Digital, and Riot Platforms.

Tesla executives may reveal their plans for Bitcoin during their third-quarter earnings conference call on October 23.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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