Tesla has confirmed that its Bitcoin holdings remain intact, despite recent wallet movements that sparked speculation within the cryptocurrency community. According to Arkham Intelligence, the company still holds 11,509 BTC, valued at $765.22 million as of October 23, 2024, after moving its assets to new wallets.
Tesla Bitcoin Reserve Unchanged In Q3 2024
According to Tesla’s Q3 earnings report on Wednesday, the company has not sold any of its Bitcoin holdings, confirming that the recent wallet activity was not indicative of a sale. This clarification comes after Tesla transferred 11,509 BTC—worth approximately $776 million at the time—to new wallets last week.
The move initially raised questions about whether the company was planning to offload its cryptocurrency.
Arkham Intelligence, a blockchain analytics firm, has since confirmed that the wallet transfers were simply “wallet rotations,” meaning the assets were relocated to newer wallets for security purposes. Despite the movement, Tesla remains in control of the Bitcoin, which is now spread across seven different wallets, each holding between 1,100 and 2,200 BTC.
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Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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