$BTC
Still Growing Up in Doubt
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According to PANews, Tesla recently transferred its Bitcoin holdings to a new wallet, marking the company's first asset movement in more than two years. While such on-chain activity is often seen as a signal for a potential sale, no transactions have been observed on exchanges so far. This suggests that Tesla may simply be adjusting its Bitcoin custody arrangements.
Analysts note that Bitcoin only makes up a small portion of Tesla's balance sheet, accounting for just 2.31% of the company's total cash and investments, which total $33.6 billion, and just 0.65% of Tesla's total assets, which total $119.8 billion. Furthermore, Tesla’s position in the Bitcoin market is relatively small. Although Tesla is one of the largest publicly traded companies holding Bitcoin, its holdings represent only 0.055% of the total Bitcoin supply. This is significantly less than the market leader MicroStrategy, which holds about 22 times more Bitcoin, with 252,220 BTC, representing 1.201% of the total Bitcoin supply.
The relationship between Tesla and Bitcoin therefore appears to be a two-way street: Tesla has minimal impact on the Bitcoin price, and Tesla’s Bitcoin holdings have a negligible impact on Tesla’s financial health.
