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Tesla has assured investors that its Bitcoin holdings remain untouched at 11,509 BTC, worth $765 million. The company's Q3 report dispelled rumors by confirming that recent wallet transfers were security-related and not indicative of a sale.
Tesla Confirms Bitcoin Holdings Remain Intact After Wallet Movements
Despite recent wallet changes that created concern among the cryptocurrency world, Tesla has stated that its Bitcoin holdings have not been affected in any way, Coingape reports.
After shifting its assets to new wallets, Arkham Intelligence reports that the corporation still possesses 11,509 Bitcoins, which have a worth of $765.22 million as of October 23, 2024.
Q3 Earnings Report Dismisses Bitcoin Sale Speculation
Tesla's earnings report for the third quarter, which was released on Wednesday, confirmed that the corporation has not sold any of its Bitcoin holdings. This finding also confirmed that the recent activity in the wallet was not indicative of a sale.
One week ago, Tesla moved 11,509 Bitcoins, which were worth around $776 million at the time, to new wallets. This clarification comes after the company made the transfer.
Questions were initially raised regarding whether or not the corporation intended to sell off its bitcoin holdings as a result of the decision.
Arkham Intelligence Confirms Security-Driven Wallet Transfers
After further investigation, Arkham Intelligence, a company that specializes in blockchain analytics, has established that the wallet transfers were nothing more than "wallet rotations." This means that the assets were moved to more recent wallets for the goal of ensuring their safety.
Even though the migration has taken place, Tesla continues to maintain custody of the Bitcoin, which is currently dispersed among seven distinct wallets, each of which holds between 1,100 and 2,200 BTC.
