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Tesla: Back in Bitcoin? Mysterious Activity Sparks Rumors

Tesla: Back in Bitcoin? Mysterious Activity Sparks Rumors

Following the addition of Tesla Bitcoin wallet tracking tool to its dashboard by Bitcoin data analytics service Arkham Intelligence, the cryptocurrency community resumed discussing Tesla’s Bitcoin holdings.

Tesla reported having 9,720 bitcoins in its wallet as of this writing, which is 1,789 more than it had in its most recent earnings report. There are presently 11,509 bitcoins in circulation.

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The announcement made by Tesla CEO Elon Musk in February 2021 that he was purchasing Bitcoin was significant for the cryptocurrency markets.

Has Tesla Purchased Additional Bitcoins?

Discussing the addition of 1,000 BTC, or around $70 million, to Tesla’s balance sheet late on Wednesday, users of the social networking platform X cited information from Arkham, a well-known cryptocurrency data analytics platform.

Regarding these claims, Musk and Tesla have said nothing.

Musk’s relationship with Bitcoin has been a volatile emotional roller coaster. He first expressed optimism about Bitcoin in 2021, revealing Tesla’s plan to store its cryptocurrency in on-chain wallets.

However, within a few weeks, Musk abruptly changed his mind and decided not to accept Bitcoin payments for Tesla automobiles, citing concerns about the effects of Bitcoin mining on the environment.

Meanwhile, rumours about additional acquisitions have been fueled by a recent shift in Tesla’s Bitcoin data. Although some X users think Tesla might be buying back Bitcoin, this hasn’t been verified. Elon Musk and Tesla have not responded to inquiries about the reason(s) behind the change.

Bitcoin wallet used by Tesla, as displayed by Arkham Intelligence.
Bitcoin wallet used by Tesla, as displayed by Arkham Intelligence.

Rumours on social media suggest that Tesla purchased roughly 1,000 Bitcoin. But a closer look at the reports’ source indicates that these may simply be the product of misunderstandings.

Tesla is expected to disclose that it has acquired an extra 1,789 BTC since the previous results announcement at the next earnings conference, if @ArkhamIntel’s on-chain tracking is accurate.

– @Tesla used to disclose its Bitcoin holdings through earnings; in 2022, 4,320 BTC was sold; in 2021, 4,320 BTC was sold. This link: t.co/6eclXo3TxG

— March 7, 2024, Definalist (@definalist)

When comparing the picture mentioned above to its January 2024 earnings report, which claimed to have 9,700 Bitcoin in its possession, Tesla had 11,500 Bitcoin in reality. This discrepancy led investors to question whether Tesla was secretly buying additional Bitcoin.

Since they don’t seem to have purchased anything since their last paycheck, the surplus cash likely comes from product sales, as someone else indicated.

However, having their addresses now is helpful. P67hhkagjY pic.twitter.com/V34FTvPGXR

On March 7, 2024, Ekata (@ekataCT) said

The Story Of Tesla’s Bitcoin: From Billions To Millions

Following a discussion over the electric vehicle firm adding Bitcoin to its holdings between Michael Saylor of MicroStrategy and Tesla CEO Elon Musk, the latter stated in February 2021 that it would be purchasing the cryptocurrency for $1.5 billion.

The price of Bitcoin is currently $67.888.
The price of Bitcoin is currently $67.888. Visual Aid: TradingView

Later on, though, Tesla sold off a chunk of its Bitcoin holdings: $272 million in the first quarter of 2021 and 75% of the remaining amount in July 2022. The company’s cash flow increased by $936 million due to this action.

Although Tesla’s precise quantity of Bitcoin is unknown, past pricing estimates point to a holding of about 9,720 Bitcoin. Initially, the business used Bitcoin as payment for automobiles, but it later stopped doing so because of environmental issues with Bitcoin mining.

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