Is Tesla buying Bitcoin again? BTC wallet data sparks curiosity

Tesla’s Bitcoin (BTC) holdings have become a topic of discussion in the crypto community again after it was reported that the firm's wallet now holds about 11,500 BTC , over 1,700 more than was reported during the last earning report.

The crypto data analytic platform Arkham recently added Tesla’s Bitcoin wallet tracking feature to its dashboard. The Tesla-linked BTC wallet shows a balance of 11,509 BTC, about 1789 more than the last reported balance of 9,720 BTC.

The Elon Musk-led Tesla bought $1.5 billion worth of Bitcoin in February 2021 at the peak of the last bull run, and announced plans to accept Bitcoin payments for Tesla cars as well. However, the firm’s Bitcoin frenzy was short-lived, as the company first sold about 10% of its holdings in March 2021. Later, in the second quarter of 2022, the electric carmaker sold approximately 75% of its Bitcoin reserves.

A timeline of Tesla’s Bitcoin holdings and sales:

• Feb 2021: Bought $1.5 billion worth of Bitcoin
• March 2021 - Sold 4,320 BTC
• 2022 - Sold 29,160 BTC
• 2023 - There was no change in the balance of 9,720 BTC

Elon Musk has had a love-hate relationship with Bitcoin. In 2021, he expressed optimistism in BTC, announcing plans to store their own Bitcoin using on-chain wallets and more. However, within weeks, Musk dropped plans to offer Tesla cars to BTC, citing environmental concerns about Bitcoin mining.

Users on X were curious whether Tesla has started repurchasing Bitcoin or whether the recent change in figures is due to an accounting error . Some users suggested that the company might have started buying BTC after the last earning call and might report the newly bought BTC in their next financial call. Tesla and Elon Musk have yet to offer a comment on whether Tesla is buying BTC or not.

Besides Tesla, Musk’s other companies, including SpaceX, also owned Bitcoin on their balance sheet . MicroStrategy CEO Michael Saylor convinced Musk to add Bitcoin to his company’s balance sheet. MicroStrategy held onto their BTC and has subsequently made more than 100% in profits.