No, Tesla Isn’t Liquidating Its 11,509 BTC Despite Transfer Activity
- Tesla has split its $764 million Bitcoin stash across several Tesla-owned wallets.
- The e-car behemoth is the fourth-largest corporate Bitcoin holder with 11,509 BTC.
- Elon Musk’s SpaceX also holds 8,285 BTC.
Elon Musk’s electric car giant, Tesla , still holds its 11,509 Bitcoin (BTC) stash worth $764 million after the firm’s wallet began making huge transfers for the first time in two years.
Now, its wealth has been distributed across several Tesla-owned wallets.
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Tesla’s Bitcoin
Just a week ago, Tesla’s long-dormant BTC wallet began transferring its gigantic BTC holdings to multiple unknown wallets.
Naturally, the move was met with excitement, curiosity, and concern, as no one had any idea what the firm intended to do with the stash.
The assumption was that the firm was going to begin liquidating said holdings for one reason or another.
The markets were spooked at the time.
However, as per Arkham Intelligence , it would seem that Tesla was simply rotating some BTC between its other Tesla wallets and still holds 11,509 BTC, worth $764 million today.
According to Arkham data, the BTC was split across seven different wallets, each now containing between 1100 and 2200 BTC.
The company has yet to confirm the intent and purpose of these transfers and wallets.
No sale
The rather sudden reawakening of Tesla’s two-year-dormant wallet caused a stir of speculation amongst crypto traders last week.
Some theories pointed to Tesla reinstating Bitcoin payments for its vehicles; others thought portions of the funds would be donated to Donald Trump’s presidential campaign.
It wouldn’t be unprecedented for Tesla to dump a boatload of BTC.
As noted by Arkham, Tesla has made two historical sales from the $1.5 billion stash it acquired in Jan. 2021.
Firstly, it sold $273 million worth of BTC in Q1 2021 and a further $936 million in Q2 2022.
Ranked the fourth-largest corporate holder of Bitcoin, another giant liquidation from Tesla could have ripple effects across the market.
However, it would seem that Tesla has other plans for its Satoshi stash.
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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