How many bitcoins does Tesla and other companies of Elon Musk actually have?

Recently, Tesla has been actively moving its Bitcoin holdings, which has sparked numerous discussions in the crypto community. Despite Elon Musk being busy supporting Donald Trump in his 2024 presidential campaign, his automotive company has drawn the attention of cryptocurrency experts with its financial maneuvers.

Recent Tesla Bitcoin Transactions

According to data from the analytics company Arkham Intelligence, on October 15, 2024, Tesla transferred bitcoins worth approximately 780 million dollars. These operations included the movement of 11,509 bitcoins between seven different company wallets. The average transaction size ranged from 1,100 to 2,200 BTC.

The largest transfers were sent to two addresses:

• Wallet 2Fnhp received an equivalent of 142.2 million dollars
• The 1LERL wallet received an equivalent of 128.1 million dollars

Tesla still controls its bitcoins

Despite initial investor concerns about a possible mass sell-off, Arkham Intelligence officially confirmed on October 22, 2024, that Tesla maintains control over all transferred bitcoins. In its statement, the company noted: “We believe that the movements of the Tesla wallet reported last week were a rotation of wallets; the bitcoin still belongs to Tesla.”

This news positively affected market sentiment as concerns about potential selling pressure from a large corporate holder were not confirmed.

Possible reasons for asset relocation

Analysts at Arkham Intelligence have put forward several hypotheses regarding the reasons for Tesla's mass transfers of bitcoins:

1. Using Coinbase Prime Custody services for managing digital assets
2. Preparing to obtain loans secured by bitcoins
3. Internal reorganization of the cryptocurrency asset storage system

Experts suggested that Tesla would reveal details of its cryptocurrency strategy in the earnings report for the third quarter on October 23, 2024.

Tesla and SpaceX's Positions Among Corporate Bitcoin Holders

According to Arkham Intelligence, Tesla ranks fourth among corporate Bitcoin holders, surpassed only by:

• MicroStrategy
• Marathon Digital
• Riot Platforms

Another company of Elon Musk, SpaceX, is also a significant player in the cryptocurrency market. The space company owns 8,285 bitcoins worth approximately 560 million dollars, making it the seventh largest corporation by bitcoin reserves.

The History of Tesla's Investments in Bitcoin

Tesla's first major Bitcoin acquisition took place in February 2021, when the company invested $1.5 billion in the cryptocurrency. Since then, Tesla has adjusted its position in response to market changes.

It is important to note that Elon Musk personally controls about 13% of Tesla's shares. Among other major shareholders of the company are the investment funds Vanguard and BlockRock with stakes of 7.2% and 5.9%, respectively.

Impact on the Cryptocurrency Market

Despite the active movements of bitcoins by Tesla, the market reacted cautiously. According to CoinGecko, on October 21, bitcoin surpassed the mark of 69,000 dollars, and on October 23, it was trading at the level of 66,809.70 dollars.

Analysts note the resilience of Bitcoin in the current market situation and its ability to maintain positions above 66,000 dollars. The historical maximum of the cryptocurrency, set on March 13, 2024, is 73,096.85 dollars.

The market continues to closely monitor the actions of Tesla and other major corporate holders, as their strategies can significantly impact the dynamics of the entire cryptocurrency ecosystem.