"Tesla Holds $780 Million In Bitcoin", Moves Assets Between Wallets

According to Arkham Intelligence, Tesla still retains control of $780 million worth of Bitcoin, despite recent asset movements between its wallets. On October 15, the electric car giant distributed 11,509 Bitcoins across seven different wallets, with each wallet now holding between 1,100 and 2,200 coins.The largest transfers were made to two wallet addresses labeled “1Fnhp” and “1LERL,” which received $142.2 million and $128.1 million in Bitcoin, respectively. Interestingly, no further transactions have been made from these wallets since the transfer, according to Arkham Intelligence.

Bitcoin Price Surge After Tesla Transfers

Following the movement of Tesla’s Bitcoins, the price of the cryptocurrency surged by 5%, reaching $69,220 on October 21. However, the price has since corrected slightly, with Bitcoin currently trading at $67,600.

Speculation Around Tesla’s Intentions

Analysts are speculating that Tesla might be transferring these assets to a custodial service, which could enable Elon Musk’s company to borrow against their Bitcoin holdings. At present, Tesla uses Coinbase Prime Custody to securely store its cryptocurrency assets.

If Arkham’s analysis holds, Tesla continues to be the fourth largest corporate holder of Bitcoin, behind only MicroStrategy and mining companies Marathon Digital and Riot Platforms. Musk’s other company, SpaceX, holds 8,285 Bitcoins valued at $560 million, making it the seventh-largest private holder of cryptocurrency assets.

Tesla History With Bitcoin

Tesla initially purchased $1.5 billion worth of Bitcoin in February 2021. The company later sold 4,320 BTC in the following month and then sold an additional 29,160 BTC in 2022.

For a brief period in March 2021, Tesla accepted Bitcoin as payment for its cars. However, Elon Musk quickly reversed this decision due to concerns about the environmental impact of Bitcoin mining.

What’s Next for Tesla Crypto Holdings?

More information on Tesla cryptocurrency plans is expected to be revealed in its third-quarter earnings report, which is scheduled for release tomorrow.

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