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Tesla retains 11,509 BTC valued at $770 million across seven wallets

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2 hours ago

According to blockchain intelligence firm Arkham, Tesla retains its Bitcoins despite recent cryptocurrency transfers to new wallets.

Tesla's Bitcoin Wallet Distribution

Tesla distributed its Bitcoins across seven different wallets, each containing between 1,100 to 2,200 BTC. For instance, wallet 1Fnhp holds 2,109.3 BTC ($142.2M), 1LERL has 1,900 BTC ($128.1M), and more. Arkham noted that all but one of the wallets contain round numbers of BTC. This movement is speculated to be to a custodian or for securing a loan.

We believe that the Tesla wallet movements reported last week were wallet rotations with the Bitcoin still owned by Tesla.

Tesla's Journey with Bitcoin

Tesla's relationship with Bitcoin started with a $1.5 billion purchase in February 2021, announcing Bitcoin acceptance as payment. In July 2022, Tesla sold 75% of its Bitcoin citing environmental concerns over mining. Despite changes, Tesla remains the fourth-largest public company in terms of Bitcoin holdings after MicroStrategy and others.

Current Bitcoin Market Situation

Tesla's Bitcoin movements come amidst market instability. Bitcoin recently reclaimed the $69,000 mark but fell to $66,800, with trading volume dropping over 21%.

Tesla's Bitcoin movements indicate its continued involvement in the cryptocurrency space despite changing strategies and market fluctuations.

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