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Tesla recently transferred all of its Bitcoin, valued at around $760 million, to an unidentified address that is not linked to any particular crypto exchange. This move has fueled speculation about the reasons behind Tesla’s action and its potential impact on their cryptocurrency market strategy.
As one of the largest Bitcoin holders among publicly traded companies, Tesla moved over 11,509 BTC to this new address, leaving just $6.65 in their original wallet, according to Arkham Intelligence data. The 11,509 BTC was divided into seven separate wallets, each containing between 1,100 and 2,200 BTC. The two largest wallets, identified by the domains “1Fnhp” and “1LERL,” received the biggest amounts, valued at $142.2 million and $128.1 million, respectively.
Arkham Intelligence, stated that Tesla has not sold its US$778.9 billion worth of Bitcoin (BTC) holdings! Here is a breakdown of its 7 new addresses!
7 New Bitcoin Address Tesla
Currently, the crypto research firm said, Tesla’s Bitcoin balance is divided into seven different wallets with the following address breakdown:
- 2,109.3 BTC (US$142.2 million) in the 1Fnhp wallet
- 1,900 BTC (US$128.1 million) in the 1LERL wallet
- 1,800 BTC (US$121.3 million) in 1D6Vh wallet
- 1,700 BTC (US$114.6 million) in 16QZn wallet
- 1,600 BTC (US$107.8 million) in 1QC2z wallet
- 1,300 BTC (US$87.6 million) in 1Phab wallet
- 1,100 BTC (US$74.1 million) in the 1MGM8 wallet
It is interesting that most of these Tesla Bitcoin wallets hold a round number of Bitcoins, except for one wallet that holds 2,109.3 BTC. Each wallet has also received test transactions, indicating that all wallets are active.
Tesla’s recent large Bitcoin transfer remains shrouded in mystery, fueling speculation of a potential major sell-off due to the sizable amount of BTC involved. However, since the transfer, the receiving wallet has shown no further asset activity. According to Arkham’s analysis, if correct, Tesla is poised to maintain its position as the fourth-largest Bitcoin-holding public company, following MicroStrategy, Marathon Digital, and Riot Platforms, as per BitcoinTreasuries data. Tesla is expected to provide more details about its Bitcoin strategy in the upcoming third-quarter financial report on October 24, 2024.
Tesla initially made headlines in February 2021 when it revealed a $1.5 billion Bitcoin investment. At one point, its Bitcoin holdings reached $2.5 billion. Shortly after, Tesla sold 4,320 BTC, followed by another sale of 29,160 BTC, totaling around 75% of its holdings by early 2022. Although Tesla originally intended to accept Bitcoin as a payment method, the plan was abandoned over concerns about the environmental effects of Bitcoin mining.