Does Tesla still hold its Bitcoins? On-chain analytics company Arkham Intelligence has new claims on this subject.
Arkham Intelligence is conducting its investigation: Tesla may have just rotated its Bitcoins (BTC)
While Arkham Intelligence had announced that the addresses which contained Tesla's Bitcoins (BTC) had been emptied on October 15, the data analysis platform wanted to provide some details.
In an update released on Tuesday, the company said that she had taken the time to analyze Tesla's latest operations in depth.
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“ We believe the Tesla portfolio moves we reported last week were in reality portfolio rotations with the Bitcoins still held by Tesla, » explains Arkham Intelligence in a post published on X.
𝗨𝗣𝗗𝗔𝗧𝗘: 𝗧𝗘𝗦𝗟𝗔 𝗕𝗜𝗧𝗖𝗢𝗜𝗡 𝗪𝗔𝗟𝗟𝗘𝗧𝗦
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. pic.twitter.com/aWeHrwjo22
— Arkham (@ArkhamIntel) October 22, 2024
Last week, 11,509 Bitcoins worth around $770 million were transferred by a wallet linked to the car manufacturer to 7 new addresses. Each of these wallets holds between 1,100 and 2,109.3 BTCof a value included between $74 and $142 million at the current price of Bitcoin.
Quickly, the crypto community tried to find out why Tesla had initiated these transfers: simple security measure or possible sale? The question legitimately arose since Elon Musk's firm had not interacted with his Bitcoins since 2022. That year the company held no less than 43,000 BTC, but had decided to sell a good part of it.
For Arkham, Tesla may have transferred its BTC to a custodian and potentially obtained a loan secured by its assets. This strategy had already been mentioned by the company's management in the past, and the hypothesis is considered the most credible by the crypto community.
For now, Tesla declined to comment.. Note that the company's 3rd quarter results will soon be published and could provide information regarding these transfers.
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Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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