- Many social platforms such as X many users had posted concerns that it is likely to be a market dump because of the transfers that have occurred on a wide level.
- The officials of Tesla may unveil its future plans with Bitcoin at the time of its Q3 earnings call to be held after October 23.
- Tesla is the fourth-biggest company holding Bitcoin, following MicroStrategy, Marathon Digital and Riot Platforms.
A blockchain analytics firm has revealed that Tesla, a multinational automotive company, is still owning Bitcoin stash whose worth is estimated to be $780 million in its account even after clearing out all of its funds to unidentified wallets.
On October 22, Arkham Intelligence, a public data application took to a social media platform, X to comment that, “In our belief, the movement of Tesla’s wallet witnessed in the last week was wallet rotation with the Bitcoin which is still held by the automotive company.”
On October 15, the public data application also revealed that Tesla has divided a total of 11,509 BTC in seven wallets holding an amount of about 1,100 and 2,200 BTC. Two wallet addresses named “1Fnhp” gained about $142.2 million and “1LERL” gained about $128.1 million which is estimated to be the biggest amount till now.
Many social platforms such as X many users had posted concerns that it is likely to be a market dump because of the transfers that have occurred on a wide level. However, no transfer of Bitcoin has taken place after October 15, as reported by Arkham.
Tesla to secure a loan against BTC?
CoinGecko, has reported that On October 21, when Tesla transferred to $69,220, about 5% rise has been witnessed and since then it has not affected the price of Bitcoin. Currently, the price of BTC has dropped about 2.3% and stands at $67,600.
However, Tesla chose to remain silent about the transfers and at the same time Arkham reported that many users predict that the funds are transferred to a custodian, and it will likely permit the automotive company to safeguard a loan against the Bitcoin.
Coinbase Prime Custody is used by Elon Musk’s firm to stock its Bitcoin. The officials of Tesla may unveil its future plans with Bitcoin at the time of its Q3 earnings call to be held after October 23.
If we consider the Arkham’s analysis to be correct, Tesla is the fourth-biggest company holding Bitcoin, following MicroStrategy, a Bitcoin development company as well as digital asset technology companies Marathon Digital and Riot Platforms, as per the BitcoinTreasuries data.
SpaceX contribution to BTC
The Space Exploration Technology corporation commonly known as SpaceX of Elon Musk has about 8,285 Bitcoin whose worth is estimated to be $560 in holdings. Also, SpaceX is considered to be the seventh largest Bitcoin holding private firm.
Tesla dived into purchasing Bitcoin in February 2021, at that time the private firm bought BTC worth $1.5 billion. In 2021, the chief executive of Tesla, Elon Musk, a month after buying Bitcoin announced that the company will accept Bitcoin as a mode of payment for the vehicles but later changed his decision.
