Has Tesla secretly bought more Bitcoin?

Rumors on social media hint Tesla could have recently purchased around 1,000 BTC.
These talks of Tesla buying BTC are based on Arkham Intelligence’s data platform.
Some suggest that the discrepancy between their BTC holdings may have arisen due to product sales.

The electric car company Tesla has allegedly purchased around 1,000 BTC, or at least that’s what the chatter is on social media. But a closer look at the source of these rumors reveals that it could be nothing but a case of misinterpretion.

arkham bamboozling or he bought?
— Hsaka (@HsakaTrades) March 7, 2024

Tesla’s BTC balance increases

Tesla CEO Elon Musk’s announcement of purchasing BTC was a major driver of the crypto markets in February 2021. Late Wednesday, social media platform X’s users started talking about Tesla adding 1,000 BTC, worth roughly $68 million, to their balance sheet based on data from a popular crypto data analytics platform, Arkham. Neither Tesla nor Musk have commented on these rumors.

Tesla BTC wallet on Arkham

The above image shows that Tesla holds 11,500 BTC and not 9,700 BTC, which is higher than what was reported in its last earnings report published in January 2024. This discrepancy is what caused investors to speculate if Tesla was secretly buying more BTC.

EktaCT, a popular Twitter user among crypto enthusiasts known for timely updates on several breaking news, notes that this inconsistency in BTC held by Tesla could be attributed to “product sales.”

Apparently, they havent bought anything since their last earnings so the excess amount is probably from the product sales as someone suggested.

But its good to have their addresses now. https://t.co/V34FTvPGXR pic.twitter.com/P67hhkagjY
— Ekata (@ekataCT) March 7, 2024

Considering Elon Musk’s involvement in crypto, it is not uncommon for Tesla or any other companies headed by Musk to use crypto as a mode of payment for their products.

Also read: Bitcoin trade that gave Bankman-Fried his millions returns in South Korea

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram