Tesla buys another $70 million worth of BTC?

Source: Blockchain Knight

The Crypto asset world is once again discussing Tesla’s holdings after BTC data analytics provider Arkham Intelligence added a Tesla BTC wallet tracking feature to its dashboard Some BTC.

As of March 7, the number of BTC in Tesla’s wallet is 1,789 more than the 9,720 in its latest financial report, and the current balance is approximately 11,509 BTC.

Tesla CEO Musk announced his purchase of BTC in February 2021, which was a big event for the Crypto asset market.

On the evening of March 6, users of the X social media platform began discussing the addition of 1,000 BTC, or nearly $70 million, to Tesla’s balance sheet, citing popular Crypto asset data analysis Data from platform Arkham.

Musk and Tesla have remained silent on these accusations, and Musk’s interaction with BTC has also been a roller coaster.

In 2021, he initially expressed a positive view of BTC, announcing Tesla’s intention to hold its own BTC through an on-chain wallet.

However, this enthusiasm suddenly turned around within weeks, with Musk reversing Tesla’s decision to accept BTC payments in its cars, blaming the change on environmental concerns related to BTC mining.

At the same time, recent changes in Tesla BTC data have triggered speculation about re-purchasing.

While some users on X believe Tesla may be buying back BTC, this statement remains unconfirmed. The change could be due to a variety of reasons, and neither Tesla nor Musk has commented.

According to social media rumors, Tesla purchased approximately 1,000 BTC. However, a closer look at the sources of these reports reveals that they may simply be the result of misinterpretation.

If Arkham Intelligence’s on-chain tracking is accurate, Tesla has acquired an additional 1,789 BTC since its last earnings report and is likely to announce it in its next earnings report.

Compared with the last financial report in January 2024, the financial report at that time showed that Tesla held 9,700 BTC, but in fact Tesla held 11,500 BTC. Investors began to wonder whether Tesla was secretly buying more BTC because of this discrepancy.

Apparently, they haven't purchased anything since their last earnings report, so the excess volume is likely from a suggested product sale.

In February 2021, Tesla announced that it would spend $1.5 billion to purchase BTC, after Musk had a conversation with Michael Saylor of MicroStrategy about the electric car company’s increase in BTC holdings.

However, Tesla later sold part of its BTC holdings, including $272 million in the first quarter of 2021 and the remaining 75% in July 2022. The move contributed $936 million in cash flow to the company.

The exact number of BTC currently held by Tesla is still unknown, but based on historical price estimates, there are approximately 9,720 BTC. The company initially accepted BTC as payment for cars, but stopped doing so due to environmental concerns over BTC mining.