Blockchain intelligence firm Arkham has confirmed that Tesla still holds a significant amount of Bitcoin (BTC), despite recent wallet movements that sparked speculation about potential sales.
Tesla’s Bitcoin holdings are spread across seven distinct wallets, each containing between 1,100 and 2,200 BTC. Arkham clarified that the observed transactions were merely wallet rotations and not a sale of the company’s cryptocurrency assets.
While some speculated that the wallet movements might indicate a transfer to a custodian or even a loan against BTC, Arkham noted that each wallet received test transactions and contained round numbers of BTC, suggesting a more straightforward reorganization.
Tesla’s relationship with Bitcoin has evolved since its initial investment in February 2021. The company made headlines for purchasing $1.5 billion worth of BTC and accepting it as payment for its vehicles. However, in July 2022, Tesla sold 75% of its holdings and temporarily halted Bitcoin payments due to environmental concerns.
Despite these changes, Tesla remains a major holder of Bitcoin, ranking fourth among public companies in terms of Bitcoin holdings. The company’s recent wallet rotations highlight its ongoing commitment to cryptocurrency, even amidst market fluctuations.
October 2024, Cryptoniteuae
