Mysterious Moves – Is Tesla Dipping Its Toes Back In Bitcoin?

Tesla

After bitcoin data analytics provider Arkham Intelligence added Tesla’s Bitcoin wallet tracking feature to its dashboard, the crypto world once again began discussing Tesla’s Bitcoin holdings.

As of this writing, Tesla has 1,789 more bitcoin in its wallet than it had in its most recent earnings report, when it reported 9,720 bitcoin. The current balance is about 11,509 bitcoin.

Elon Musk, CEO of Tesla, announced in February 2021 that he was buying Bitcoin, which was a big deal for the cryptocurrency markets.

Did Tesla Just Buy More Bitcoins?

Users of the X social media platform began discussing the addition of 1,000 BTC, or nearly $70 million, to Tesla’s balance sheet late Wednesday, citing data from Arkham, a popular crypto data analytics platform.

Musk and Tesla have remained silent regarding these allegations.

Musk’s interaction with Bitcoin has been a rollercoaster of sentiments. In the year 2021, he initially conveyed a positive outlook on BTC, unveiling Tesla’s intention to hold its own Bitcoin through on-chain wallets.

Nevertheless, this enthusiasm took an abrupt turn within weeks when Musk reversed the decision to accept BTC payments for Tesla vehicles, attributing the change to environmental apprehensions related to Bitcoin mining.

Meanwhile, a recent change in Tesla’s Bitcoin figures has sparked speculation about renewed purchases. While some users on X believe Tesla might be repurchasing Bitcoin, this remains unconfirmed. The change could be due to various reasons, and neither Tesla nor Elon Musk have commented on the matter.

Tesla's Bitcoin wallet as shown by Arkham Intelligence.

According to social media rumors, Tesla reportedly bought about 1,000 Bitcoin. However, a closer examination of the source of these reports suggests that they might just be the result of misinterpretation.

Comparing the above image to its previous earnings report from January 2024, which stated that it held 9,700 Bitcoin, Tesla actually has 11,500 Bitcoin. Investors began to wonder whether Tesla was covertly purchasing more Bitcoin as a result of this disparity.

Tesla’s Bitcoin Saga: From Billions To Millions

In February 2021, Tesla announced a $1.5 billion purchase of Bitcoin, following a conversation between CEO Elon Musk and MicroStrategy’s Michael Saylor about the electric vehicle company adding Bitcoin to its holdings.

Bitcoin is now trading at $67.888. Chart: TradingView

However, Tesla later sold a portion of its Bitcoin holdings, including $272 million in the first quarter of 2021 and 75% of the remaining balance in July 2022. This move contributed $936 million to the company’s cash flow.

The exact amount of Bitcoin currently held by Tesla remains unknown, but estimates based on historical prices suggest it is around 9,720 Bitcoin. The company initially accepted Bitcoin as a payment method for cars but discontinued the practice due to environmental concerns surrounding Bitcoin mining.

Featured image from Pexels, chart from TradingView

Exit mobile version