Tesla has been back in the spotlight with a massive Bitcoin move. The company this week transferred 11,509 Bitcoin, worth about $770 million, to seven new addresses. What’s perhaps even more impressive is that this all happened in just one hour, showing how efficient Bitcoin transactions can be.
Large Transfers With Low Fees
One thing that stands out about Bitcoin is how affordable it is to move large sums. Whether you’re transferring a single Bitcoin or thousands, the fees stay relatively low. Traditional banks would charge a hefty fee for moving such a large amount, but Bitcoin avoids this by cutting out the middleman. That’s one of the reasons why companies like Tesla find it appealing.
There’s a common belief that Bitcoin transactions are completely anonymous, but that’s not the case. Every transaction, including Tesla’s recent move, gets recorded on the blockchain. This public network allows anyone to see the wallet addresses and the amounts involved, even if the identity behind those addresses remains hidden. So, while we might not know who controls a wallet, we can still track how much Bitcoin is being moved and where.
Tesla’s Test Transactions
Before moving the bulk of their Bitcoin, Tesla carried out six smaller test transactions. This suggests that the company hadn’t used their wallets since early 2022, when they sold most of their Bitcoin holdings. These test transactions likely ensured everything was in order before they made the big transfer.
Currently, Tesla holds around 9,720 Bitcoin, valued at a little over $653 million at current prices. At one point, the company had even as much as 43,000 BTC on its books. According to Arkham Research, Tesla manages around 11,509 BTC across 68 different wallet addresses.
SpaceX Also In The Game
It’s not just Tesla; Elon Musk’s other venture, SpaceX, also has a stake in Bitcoin. Reports suggest that SpaceX holds about 8,285 BTC, showing that the interest in Bitcoin isn’t limited to just one of Musk’s companies.
Tesla’s Position in the Bitcoin Market
Despite selling off a large portion of its holdings, Tesla still ranks as one of the biggest Bitcoin holders among publicly traded companies. Only MicroStrategy and Marathon Digital Holdings have more Bitcoin on their balance sheets, making Tesla a key player in the Bitcoin space.
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