Tesla's Bitcoin Holdings

Tesla, the electric vehicle giant led by Elon Musk, still owns 11,509 bitcoins despite a recent significant movement from its wallets, according to analytics firm Arkham Intelligence.

> "We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla," Arkham wrote on X. "Tesla moved their entire balance of 11,509 BTC ($776.9 million) to new wallets."

This movement marks the first interaction with its bitcoin wallets since the company sold off a majority of its holdings in 2022, leading to speculation about a possible selloff.

Tesla’s 11,509 BTC is distributed across seven wallets, with the largest containing 2,109.3 BTC. Arkham noted, "Some have speculated that this is movement to a custodian, for example to secure a loan against the BTC."

Tesla initially invested around $1.5 billion in Bitcoin in February 2021, holding as many as 43,000 BTC at its peak. It is currently the fourth-largest public corporate holder of bitcoin, behind MicroStrategy, Marathon Digital, and Riot Platforms.

The EV maker will hold its third-quarter earnings call at 5:30 p.m. ET on Wednesday. Tesla's stock has decreased by 12.8% over the past month due to disappointing delivery numbers and expectations surrounding a robotaxi event.