On-Chain Data Shows Tesla Did Not Sell 11,509 Bitcoin
On-chain data shows Tesla Inc. has kept all its Bitcoin, debunking previous rumors. Last Monday, Arkham Intelligence revealed that Tesla has moved its 11,509 BTC—worth over $776 million—to unnamed wallets.
This significant move sparked speculation that Elon Musk's Tesla may sell its Bitcoin holdings again. Arkham Intelligence now believes the transactions were internal and that Tesla controls the Bitcoin.
A business determined that coins were dispersed among seven wallets. Each wallet received test transactions, and all except one contain a round quantity of BTC, indicating deliberate repositioning rather than liquidation. The Bitcoin is distributed across 7 wallets with 1,100–2,200 BTC. Arkham reports via X that all wallets received test transactions and all but one possess a round quantity of BTC.
Arkham said, “Some have speculated that this is movement to a custodian, for example to secure a loan against the BTC.” Tesla may be shifting its BTC to a custodian to get a loan, as other companies use crypto assets for liquidity without selling them.
These events occurred during a notable time. Tesla will publish its next profits after market close on October 23, 2024 (23:30 CEST). Tesla's BTC strategy and wallet activity may be revealed on the earnings call.
Elon Musk's first public Bitcoin support on X was six years ago yesterday, October 22. Six years ago, BTC cost $6,400. In 2018, Musk joked with followers by posting a picture and asking, “Wanna buy some Bitcoin?” BTC has increased almost 1,000% since then.
Tesla and Bitcoin interact dynamically. According to an SEC filing, the business bought $1.5 billion in BTC in February 2021. Tesla become one of the major Corporate BTC holders.
In the second quarter of 2022, Tesla converted 75% of its BTC assets into cash. Chinese COVID-19 lockdowns caused liquidity worries, prompting the decision. Tesla announced a $936 million sale in quarterly profits.
