Is Tesla reconsidering BTC payments as it retains its Bitcoin holdings
After transferring its Bitcoin holdings to multiple new wallets, Tesla is rumored to still be holding onto its $777 million stash. According to Arkham Intelligence, the recent transfers were likely just routine wallet rotations, and the 11,509 BTC is still owned by Tesla. The electric vehicle manufacturer distributed its entire Bitcoin stash, which it has held since June 2022, among seven wallets, each containing over 1,000 BTC. The largest balance, worth around $141.4 million, sits in the “1Fnhp” wallet, while the “1MGM8” wallet holds the smallest sum, valued at $73.7 million. The funds have remained stationary since the transfer, easing sell-off rumors in the crypto market. If Tesla continues to hold its Bitcoin, it remains the fourth-largest corporate Bitcoin holder, behind Marathon Digital and Riot Platforms. Tesla’s upcoming Q3 earnings report is expected to provide more insights into its financial position and recent Bitcoin activity. Tesla has previously sold off portions of its Bitcoin holdings to test liquidity and strengthen its cash position. There is speculation that Tesla may reconsider accepting Bitcoin as payment again, especially with the recent transfers and Bitcoin’s shift toward sustainability. However, no official announcement has been made regarding this matter.
