Tesla, the electric vehicle giant, has been holding onto its Bitcoin, according to on-chain analytics firm Arkham Intelligence. Recent transfers of Bitcoin from a wallet linked to Tesla sparked widespread speculation about a potential sale or use as collateral for a loan, but Arkham Intelligence has shed light on the situation.
In a post on X (formerly Twitter) on Tuesday, Arkham Intelligence stated that the Bitcoin transfers observed last week were merely wallet rotations, confirming that Tesla still owns the cryptocurrency. These movements involved approximately 11,509 Bitcoins, valued at roughly $771.8 million at the time of writing.
Arkham Intelligence’s findings suggest that Tesla’s Bitcoin holdings are now distributed across seven wallets, each holding between 1,100 and 2,200 Bitcoins. The firm also addressed speculation about a potential move to a custodian for securing a loan: “Some have speculated that this is movement to a custodian, for example, to secure a loan against the BTC,” Arkham added.
This clarification from Arkham Intelligence dispels the rumors circulating in the market. Tesla, however, has yet to publicly comment on the transfers or its current Bitcoin strategy.
