Forbes: Tesla's Position in Bitcoin Market Is Relatively Small
On October 26th, according to an article by Forbes, Tesla recently transferred its holdings of Bitcoin to a new wallet. This is the first asset transfer the company has made in over two years. Typically, such on-chain movements are a signal of selling, but so far there has been no movement on any exchange, so it may just be Tesla adjusting its Bitcoin custody setup.
Analysis suggests that Bitcoin only accounts for a small portion of Tesla's balance sheet, representing only 2.31% of the company's total cash and investments ($33.6 billion) and 0.65% of its total assets ($119.8 billion). Furthermore, Tesla's position in the Bitcoin market is relatively small. Although Tesla is one of the top publicly traded companies holding Bitcoin, its holdings represent only 0.055% of the total Bitcoin supply, much smaller than the holdings of market leader MicroStrategy, which holds 22 times more Bitcoin than Tesla, or 1.201% of the total Bitcoin supply with its 252,220 BTC holdings.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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