According to a recent update from analytics firm Arkham Intelligence, Tesla continues to hold roughly $776 million worth of Bitcoin.
Earlier this month, Tesla spooked the cryptocurrency market by moving its remaining Bitcoin holdings to unknown wallets.
Arkham Intelligence has now revealed that these transfers were simply wallet rotations with the coins still owned by the leading e-car manufacturer.
Tesla initially jumped on the Bitcoin bandwagon in early 2021 by acquiring a whopping $1.5 billion worth of BTC and allowing its customers to pay with the largest cryptocurrency. However, the company soured on the cryptocurrency in a relatively short span of time. It ended up ditching Bitcoin payments shortly after introducing them due to environmental concerns. Tesla has also liquidated a significant portion of its holdings.
Despite prompting some speculation about Tesla potentially selling its remaining Bitcoin holdings, the e-car manufacturer remains the fourth-largest corporate holder of the leading cryptocurrency.
Tesla CEO Elon Musk has not mentioned Bitcoin on his X profile since 2022.
Earlier this month, the billionaire said that crypto was "interesting," praising it for its decentralization properties.
Yet, it remains unclear what Musk's current stance is when it comes to Bitcoin.
Previously, he stated that Tesla would resume accepting Bitcoin for its products if mining were to make a shift toward renewable energy.
Back in 2021, Musk also revealed that he personally owned Bitcoin alongside Dogecoin, the billionaire's beloved meme cryptocurrency, and Ethereum. It is not clear whether the Tesla CEO continues to own these cryptocurrencies.
In addition to Tesla, SpaceX, Musk's spacecraft manufacturing company, also owns Bitcoin.
Dan Burgin
Vladislav Sopov
