Cryptocurrency onchain tracking platform Arkham has revealed the truth behind Tesla's move, which recently caused sell-off speculations in the market by moving hundreds of millions of Bitcoins.
According to Arkham analysts, the wallet transactions in question carried out by Tesla were merely wallet rotations and these Bitcoins still belong to Tesla.
The company transferred all of its assets, consisting of $776.9 million worth of BTC, to new cryptocurrency wallets.
As a result of the transfer, BTC assets were divided into seven separate wallets holding assets between 1,100 and 2,200 BTC. As a result of these transfers, test transfers were initially made for all cryptocurrency wallets, and all wallets except one were brought to a position holding an integer amount of BTC.
The current distribution of Tesla's Bitcoins according to the short address of the new wallets is as follows:
- 1Fnhp – 2109.3 BTC ($142.2 million)
- 1LERL – 1900 BTC ($128.1 million)
- 1D6Vh – 1800 BTC ($121.3 million)
- 16QZn – 1700 BTC ($114.6 million)
- 1QC2z – 1600 BTC ($107.8 million)
- 1Phab – 1300 BTC ($87.6 million)
- 1MGM8 – 1100 BTC ($74.1 million)
As a result, Arkham believes that these Bitcoin assets were not sold, but were merely a wallet arrangement, and that the assets still belong to Tesla.
However, the exact nature of the situation will be understood when the next Tesla balance sheet is announced.
*This is not investment advice.