Tesla just lit up the blockchain radar, moving all its Bitcoin in one massive sweep last week. But don’t trip just yet—Arkham Intelligence, the blockchain bloodhound, says it’s not what it looks like. According to them, Elon and his electric empire are just rotating wallets. Tesla’s probably still sitting on that BTC.
Arkham blew the lid off this move on Tuesday, dropping the intel on X (formerly Twitter). They’re watching Tesla closely because the carmaker’s one of the biggest names still holding Bitcoin. Their stash hadn’t budged in over two years. But, outta nowhere, on October 15, it all got split across seven brand-new wallets.
Arkham’s Hot Take: Wallet Rotation, Not Panic Selling
Here’s the kicker: Arkham doesn’t think Tesla’s cashing out. Nah, it’s just a little blockchain housekeeping. They said, “We believe that the Tesla wallet movements we reported on last week were wallet rotations, with the Bitcoin still owned by Tesla.”
No stress, right? But Tesla, in classic fashion, ghosted the whole thing. They didn’t even toss a response to Decrypt’s questions about why they shuffled their digital dough. They’ve been mute since last week.
Tesla’s Crypto Tango: From HODL to Sell-Off to… Hold Again?
Remember 2021? Tesla hit the scene with a fat $1.5 billion bet on Bitcoin, turning heads everywhere. But then Elon started bugging out about Bitcoin’s energy guzzling ways. That’s when they stopped taking BTC for their cars, and in a plot twist, sold off most of their stash, taking a fat loss along the way.
Still, despite all the mining drama and sell-offs, Tesla’s HODLing a cool 11,509 Bitcoin. And with BTC prices bouncing back since their big sell-off in 2022, that stash is now worth around $776 million. Not bad for a company that seemed ready to bail.
But they’re not the top BTC boss in the public market. Nah, that crown goes to MicroStrategy, holding $17 billion worth of Bitcoin. Riot and Marathon, the U.S. mining titans, are also in the game with more BTC than Tesla.
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