Tesla has decided to hold onto its remaining Bitcoin holdings despite recent wallet transfers that led to speculation about a potential sell-off. According to blockchain analytics platform Arkham Intelligence, the transfers were actually wallet rotations, with Tesla still owning the Bitcoin.
Arkham Intelligence clarified the situation in a post on X (formerly Twitter), stating, “We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla.” The transfer involved sending Bitcoin to seven different wallets, each containing between 1,100 and 2,200 BTC. Test transactions were conducted on all wallets, with all but one now holding round-numbered Bitcoin balances.
On-chain data reveals that five wallets contain Bitcoin valued at over $100 million each, with amounts ranging from $107.8 million to $142 million. The remaining two wallets hold $87.6 million and $74.1 million, respectively.
This update comes after Tesla’s unexpected transfer of its remaining 11,509 BTC, valued at approximately $768 million at the time. This move sparked rumors of a potential sale, as Tesla had previously sold off Bitcoin holdings in February 2021 and June 2022.
Despite the recent transfers, Tesla appears to be holding onto its Bitcoin for now. Arkham Intelligence speculated that the transfers could be related to a Bitcoin-backed loan, stating, “Some have speculated that this is movement to a custodian, for example to secure a loan against the BTC.”
As of now, Tesla has not provided an official explanation for the transfers. However, the fact that the Bitcoin remains untouched in the new wallets has eased immediate concerns about a market sell-off. Market analysts are now waiting for Tesla’s upcoming Q3 earnings report for further insight into the company’s recent actions.
It is important to note that the information provided in this article is based on data from Arkham Intelligence and other sources. The original sources and references have been used to ensure accuracy and credibility in the reporting of this news.