Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Arkham Intelligence, a cryptocurrency data analytics platform, recently introduced a feature that tracks Tesla's Bitcoin (CRYPTO: BTC) wallet.
What Happened: According to the platform, Tesla's Bitcoin holdings have seen an increase, now totaling approximately 11,509 BTC, which is 1,789 BTC more than what was reported in its last earnings disclosure.
In February 2021, under the leadership of Elon Musk, Tesla made headlines by purchasing $1.5 billion in Bitcoin during the cryptocurrency's bull run peak.
The company also briefly entertained the idea of accepting Bitcoin as payment for its vehicles.
However, Tesla's engagement with Bitcoin has seen its ups and downs.
Initially, Tesla liquidated about 10% of its Bitcoin holdings in March 2021 and went on to sell around 75% of its reserves in the second quarter of 2022.
Musk's stance on Bitcoin has fluctuated over time.
Despite initially embracing Bitcoin, including announcing Tesla's intention to maintain its Bitcoin reserves in on-chain wallets, Musk later retracted the decision to accept Bitcoin for Tesla purchases, citing environmental concerns associated with Bitcoin mining.
As of now, neither Tesla nor Musk has provided clarification on this speculation.
In addition to Tesla, Musk's aerospace company SpaceX has also ventured into Bitcoin, holding the cryptocurrency on its balance sheet.
Also Read: SEC Chair Gary Gensler Declines To Say Whether Ethereum Is A Commodity - 'It's About Circumstances'
Why It Matters: MicroStrategy co-founder and executive chairman Michael Saylor reportedly influenced the move. Saylor is a vocal advocate for corporate Bitcoin investment, and MicroStrategy boasts a substantial Bitcoin portfolio in its own right. The firm holds 193,000 BTC, making it the world's largest institutional Bitcoin holder.
At the recent Bitcoin Atlantis conference on March 1, Saylor highlighted the potential for AI and exchange-traded funds to spark a decade-long "gold rush" for Bitcoin, indicating a bullish outlook for the cryptocurrency's future.
Read Next: Shiba Inu, Dogecoin Caged As AI Coins Like Fetch.AI Excite Market - Here's Why
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.