On October 26th, according to Forbes, Tesla recently transferred its bitcoin holdings to a new wallet, which is also the company's first asset transfer in more than two years. Usually, such on-chain movements are a sign of selling, but so far there has been no movement of any exchanges, so it may just be Tesla's readjustment of its bitcoin custody settings.
According to the analysis, bitcoin accounts for only a small part of Tesla's balance sheet, accounting for only 2.31% of Tesla's total cash and investments ($33.60 billion), and only 0.65% of Tesla's total assets ($119.80 billion). Not only that, Tesla's position in the bitcoin market is relatively small. Although Tesla is one of the top public companies holding bitcoin, its bitcoin holdings account for only 0.055% of the total bitcoin supply, which is much smaller than the holdings of market leader MicroStrategy, which holds about 22 times as many bitcoins as Tesla, and its holdings of 252,220 BTC battle ah 1.201% of the total bitcoin supply.
Forbes: Tesla has a relatively small presence in the bitcoin market
2024-10-26 11:19:23
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