Electric vehicle giant Tesla still holds 11,509 Bitcoins, despite the massive activity in its wallets over the past week.
Tesla’s Bitcoin balance remains unchanged, on-chain platform Arkham Intelligence said on Tuesday. In a statement on the X platform, Arkham said
“We believe that the Tesla wallet movements we reported last week were actually wallet rotations and that Bitcoins are still held by Tesla. The company moved 11,509 BTC ($776.9 million) to new wallets.”
Company’s Bitcoin transfers spark speculation
This Bitcoin transfer was Tesla’s first transaction with Bitcoin wallets since the company sold most of its assets in 2022. The development has led some crypto investors to speculate that Tesla may be preparing to sell Bitcoin.
According to Arkham, the 11,509 BTC owned by Tesla is split across seven different wallets, with the largest wallet holding 2,109.3 BTC. Onchain added that it is thought by some that these transfers may have been made to a custodian to obtain a loan against collateral.
If the company continues BTC transfers or sells BTC, cryptocurrency activity is likely to increase.
Tesla maintains fourth place
Tesla made a name for itself in February 2021 by investing about $ 1.5 billion worth of BTC. The amount of Bitcoin owned by the company reached 43,000 BTC at its peak. According to data from the Bitcoin Treasury, Tesla is currently the fourth largest BTC holder among publicly traded companies. MicroStrategy, Marathon Digital, and Riot Platforms top the list.
Tesla is expected to release its third-quarter earnings report at 00:30 on Wednesday. The company’s shares have lost 12.8 percent in the last month.
