Elon Musk’s EV juggernaut Tesla Inc. TSLA was reportedly still in possession of its Bitcoin BTC/USD holdings, and the recent transfers were nothing but reallocation.

What Happened: On-chain analytics firm Arkham Intelligence posted an update on X on Tuesday, saying, “We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla.”

About 11,509 BTCs, worth $771.8 million as of this writing, were moved by a wallet linked to Tesla to several wallets last week, sparking speculation in the market.

As per the latest update, the holdings were distributed across seven wallets that hold between 1100 and 2200 BTC.

“Some have speculated that this is movement to a custodian, for example, to secure a loan against the BTC,” Arkham added.

Tesla didn’t immediately return Benzinga’s request for comment on the transfers.