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  • Arkham: Tesla still owns $780m in Bitcoin following wallet movement

    Arkham: Tesla still owns $780m in Bitcoin following wallet movement

    • Tesla has split the 11,509 Bitcoin across seven wallets
    • Arkham Intelligence said some have speculated that the move was to a crypto custodian
    • Tesla remains the third largest publicly traded Bitcoin company being MicroStrategy and Marathon Digital Holdings

    Tesla still owns 11,509 Bitcoin despite the wallet movement last week, according to a blockchain analytics company.

    In a post on X, Arkham Intelligence said:

    “We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla. Tesla moved their entire balance of 11,509 BTC ($776.9M) to new wallets.”

    Arkham noted that Tesla split the 11,509 Bitcoin into seven wallets, with the largest wallet holding 1Fnhp – 2109.3 BTC ($142.2M).

    “Some have speculated that this is movement to a custodian, for example to secure a loan against the BTC,” said Arkham.

    Third largest publicly traded Bitcoin holder

    Tesla’s Bitcoin transfers mark the first time the electric car company has interacted with its crypto wallet since 2022 when it initially sold off a significant portion of its holdings.

    At its height, Tesla owned around 43,000 Bitcoin after it invested $1.5 billion in the crypto asset in February 2021, according to data from BitcoinTreasuries. This resulted in the sale of $272 million worth of Bitcoin in the first quarter of 2021, creating a profit of $128 million.

    By the second quarter of 2022, Tesla sold another $936 million in Bitcoin, generating $64 million in gains as the market experienced volatility.

    With the recent transfers, some feared this would lead to a market dump. Tesla is expected to conduct its third-quarter earnings call scheduled on October 23 where it may reveal its plans for its Bitcoin.

    To date, Tesla remains the third largest holder of Bitcoin among publicly traded companies. It trails behind MicroStrategy and Marathon Digital Holdings.

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  • Coinbase is largest Bitcoin (BTC) holder in the world: Arkham

    Coinbase is largest Bitcoin (BTC) holder in the world: Arkham

    Coinbase Crypto Exchange Logo And Bitcoin Symbol
    • Arkham announced it identified nearly $25 billion in Bitcoin in crypto exchange Coinbase’s portfolio.
    • The BTC holdings are approximately 948,000, closer to the 1 million BTC of Satoshi Nakamoto.
    • Coinbase is thus the world’s largest known Bitcoin entity, Arkham analysts said on X.

    Blockchain intelligence firm Arkham has reported that Coinbase holds Bitcoin (BTC) worth about $25 billion, making the cryptocurrency exchange the world’s largest entity holding the flagship digital asset.

    Arkham says Coinbase holds nearly 1 million BTC

    Arkham’s announcement on Friday was that it had identified nearly 1 million BTC on-chain for Coinbase reserves, with this making the US-based crypto behemoth “the largest Bitcoin entity in the world on Arkham.” The holdings account for about 5% of all bitcoin in existence and means the exchange’s BTC is nearly as much as that attributed to Bitcoin creator Satoshi Nakamoto.

    Coinbase is also reportedly home to 36 million deposit and holding addresses for BTC, one of which is a cold wallet with 10,000 BTC. There could be millions of other untagged assets, the intelligence platform noted.

    “Arkham has identified and tagged over 36 Million BTC deposit and holding addresses used by Coinbase, with their largest cold wallet containing ~10K BTC. Based on their most recent financials, Coinbase likely has thousands more BTC not yet labeled,” Arkham posted on X.

    Other than Bitcoin, the Coinbase portfolio also has 1.68 million Ethereum (ETH), 68.6 million Chainlink (LINK), nearly 223 million USD Coin (USDC) and 921,000 BNB (BNB). These assets contribute to Coinbase’s crypto portfolio of over $29 billion, according to data on Arkham as of September 22.

    Arkham’s report comes as Coinbase expanded its services further with a regulatory approval in Spain. As CoinJournal highlighted earlier today, the company has secured registration with the Bank of Spain to offer services as a crypto exchange and crypto custody wallet provider.

    Official entry into Spain adds to Coinbase’s regulatory milestones in Italy, Singapore, the Netherlands, Brazil and Canada. The exchange is also battling for regulatory clarity in the US.

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