According to PANews, Tesla has recently transferred its Bitcoin holdings to a new wallet, marking the company's first asset movement in over two years. While such on-chain activity is typically seen as a signal for potential selling, no transactions have been observed on exchanges so far. This suggests that Tesla may be merely adjusting its Bitcoin custody arrangements.
Analysts note that Bitcoin constitutes a minor portion of Tesla's balance sheet, representing only 2.31% of the company's total cash and investments, which amount to $33.6 billion, and just 0.65% of Tesla's total assets, valued at $119.8 billion. Furthermore, Tesla's position in the Bitcoin market is relatively small. Although Tesla is one of the leading publicly traded companies holding Bitcoin, its holdings account for only 0.055% of the total Bitcoin supply. This is significantly less than market leader MicroStrategy, which holds approximately 22 times more Bitcoin, with 252,220 BTC, representing 1.201% of the total Bitcoin supply.
Therefore, the relationship between Tesla and Bitcoin appears to be bidirectional: Tesla has a minimal impact on Bitcoin's price, and its Bitcoin holdings have an insignificant effect on Tesla's financials.
