Tesla's Bitcoin Movements: Internal Shifts Maintain Holdings

Tesla’s Bitcoin Activity: Transfers, No Sell-off

Tesla, the globally renowned electric vehicle company, has been recently reported to have shifted its horde of Bitcoin. The operations were caught up by Arkham Intelligence, a top-notch blockchain research firm, saying that though the company moved its Bitcoin stash, it still retains ownership. Tesla reportedly made numerous Bitcoin transactions last week.

Yet, Arkham Intelligence suggests that these transactions were more of internal shuffling - the company possibly relocating the coins to other wallets under its control. Arkham has been diligently monitoring Tesla's involvement in cryptocurrency transactions and duly shared its observations on Twitter last week, outlining the crypto movements of the automotive giant. The magnified interest in Tesla’s operations stems from its position as one of the most significant publicly traded entities with substantial investments in Bitcoin.

Statuesque Bitcoin and New Wallets

Arkham’s in-depth analysis revealed before the bitcoins were moved on October 15, they had remained untouched for two years. These coins were distributed among seven new wallets, which are hypothesized to be under Tesla’s supervision. "Drawing from the Bitcoin movements we observed last week, we infer these to be wallet rotations with Bitcoin still retained by Tesla," mentioned Arkham. Despite reaching out for confirmation, Tesla refrained from addressing queries regarding the reported operations.

Tesla’s Involvement in Bitcoin

Tesla’s initial rendezvous with cryptocurrency dates back to 2021, through a $1.5 billion investment in the digital asset. Subsequently, a retreat ensued, instigated by CEO Elon Musk's shifting stance on Bitcoin. Due to concerns about the environmental impact of mining Bitcoin, Tesla ceased receiving Bitcoin payments for its vehicles and even sold most of its Bitcoin holdings, incurring losses. Nevertheless, the Austin-based corporation continues to hold a significant count of 11,509 Bitcoins. The value of this digital asset has massively inflated since Tesla began liquidating its Bitcoin assets in 2022, now amounting to roughly $776 million. Other than Tesla, a handful of public companies, including U.S. Bitcoin miners Riot and Marathon and software business MicroStrategy, possess more Bitcoin. Of these, MicroStrategy dominates with a whopping collection of Bitcoins worth approximately $17 billion.