Alleged scary claim for Tesla: Are they selling Bitcoin?

Electric car giant Tesla still holds 11,509 Bitcoins despite significant movement in their wallets last week.

According to the statement made by Arkham Intelligence, the Onchain platform on Tuesday, Tesla’s Bitcoin balance has not changed. Arkham stated the following in its announcement on the X platform:

We believe that the Tesla wallet movements we reported last week were actually wallet rotations and that the Bitcoins are still held by Tesla. The company moved 11,509 BTC (776.9 million dollars) to new wallets.

The company’s Bitcoin transfers brought speculation

Tesla’s Bitcoin transfer, the first transaction the company has made with its Bitcoin wallets since selling a large portion of its assets in 2022. This development has led to speculation that some crypto investors may be preparing for Tesla’s Bitcoin sale.

According to Arkham, Tesla’s 11,509 BTC is divided into seven different wallets, with the largest wallet containing 2,109.3 BTC. Onchain company also added that some believe these transfers may have been made to a custodian for collateralized borrowing purposes.

Tesla continues to hold onto fourth place

In February 2021, Tesla made headlines by investing approximately $1.5 billion worth of Bitcoin. The amount of Bitcoin owned by the company reached its highest level at 43,000 BTC, according to BitcoinTreasuries data. Currently, Tesla ranks as the fourth largest Bitcoin holder among public companies. MicroStrategy, Marathon Digital, and Riot Platforms are at the top of the list.

Tesla is expected to release its third-quarter earnings report on Wednesday at 00:30 (TSI). The company’s shares have lost 12.8% in value in the last month.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk and readers should conduct their own research when making a decision.