Tesla Rotates Its Bitcoin Holdings, Dispelling Rumors of a Sale

Tesla has rotated its substantial Bitcoin holdings across multiple wallets, dispelling rumors of a potential sale.

Despite rumors circulating online, Tesla still owns its 11,509 Bitcoin (BTC), multiple wallets belonging to the electric vehicle (EV) manufacturer have been rotated, according to blockchain intelligence firm Arkham.

The recent activity involving Tesla’s Bitcoin wallets sparked speculation within the crypto community. However, Arkham Intelligence clarified that these movements were merely rotations rather than sales.

“We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla,” the firm tweeted on Monday.

Arkham reported that Tesla’s Bitcoin is now distributed among seven new wallets, each holding between 1,100 and 2,200 BTC. Two of the largest wallets, “1Fnhp” and “1LERL,” received substantial amounts of $142.2 million and $128.1 million, respectively.

This major movement triggered concerns about a possible market crash, igniting speculation across social media platforms such as X. However, Arkham’s data shows no further Bitcoin transactions from these wallets since the transfers, indicating that Tesla has likely retained its holdings.

“They (Tesla) still own the 11,509 BTC, and it was likely rotated for better security/risk management. This does not indicate any change in Tesla’s stance on Bitcoin as a long-term asset,” Arkham подчеркнул.

The news of Tesla’s wallet rotations initially caused a stir in the market, with some investors fearing a potential sell-off. However, Arkham’s clarification helped stabilize sentiments, reassuring stakeholders that Tesla’s significant Bitcoin holdings remain intact.

This move underscores Tesla’s continued confidence in Bitcoin as a store of value and a hedge against inflation. Tesla’s decision to rotate its Bitcoin holdings across new wallets highlights the company’s proactive approach to managing its digital assets.

By maintaining ownership of 11,509 BTC, Tesla reaffirms its commitment to Bitcoin, despite the volatility in the cryptocurrency market. As the crypto landscape evolves, Tesla’s strategic maneuvers will likely continue to influence market dynamics and investor confidence.

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