
Tesla, the electric vehicle giant, has recently made significant transfers of its Bitcoin holdings. While these transfers initially sparked concerns about a potential market dump, blockchain analytics firm Arkham Intelligence has clarified that Tesla likely retains ownership of the funds.
Tesla divided its Bitcoin holdings into seven wallets, suggesting a potential internal restructuring or security measure.
The transferred Bitcoin has remained dormant in the new wallets, indicating that Tesla still controls the funds.
π¨π£πππ§π: π§ππ¦ππ πππ§ππ’ππ‘ πͺπππππ§π¦
We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla.
Tesla moved their entire balance of 11,509 BTC ($776.9M) to new wallets. pic.twitter.com/aWeHrwjo22
β Arkham (@ArkhamIntel) October 22, 2024
The transfers did not have a significant impact on Bitcoinβs price, which has remained relatively stable.
Arkham Intelligence suggests that Tesla may be considering securing a loan against its Bitcoin holdings, possibly by transferring the funds to a custodian like Coinbase Prime Custody.
Tesla has had a complex relationship with Bitcoin. The company initially purchased $1.5 billion worth of Bitcoin in 2021 but later sold a portion of its holdings. Tesla also briefly accepted Bitcoin as payment for its vehicles but subsequently reversed this decision.
While the exact reasons behind Teslaβs Bitcoin transfers remain unclear, it appears that the company has retained ownership of its holdings. The potential use of Bitcoin as collateral for a loan aligns with Teslaβs strategic approach to managing its digital assets. As more information becomes available, investors will gain a clearer understanding of Teslaβs intentions and the implications for the cryptocurrency market.
Source Link
Author: Sb
Comments are closed.
More News
-
Crypto Community Criticizes SECβs Notice to OpenSea
August 29, 2024 -
BlackRock Enters Brazilian Crypto Market with Ether ETF
August 29, 2024
Bitcoin News
-
Binance CEO Highlights Institutional Influence in Bitcoin Adoption
February 8, 2025 -
Delivering 10x Returns on Hyperliquid: Router Protocol is on a Roll
February 4, 2025