Tesla Transfers Entire Bitcoin Holdings Worth $765 Million to Unidentified Wallets: What’s Next for the Electric Vehicle Leader?
Tesla, the electric vehicle leader, has made a significant move in the cryptocurrency world by transferring its entire Bitcoin holdings, valued at approximately $765 million, to a series of unidentified wallets. This decision has sparked speculation about the company’s strategy towards crypto assets.
According to Arkham Intelligence data, the transfers involved 11,500 Bitcoin that were moved over 26 distinct transactions to multiple new addresses. Despite the large-scale shift, the funds have not been linked to any crypto exchanges, suggesting that Tesla may not be looking to liquidate its Bitcoin holdings at this time.
This marks the first activity in Tesla’s Bitcoin wallet since June 2022, leaving many industry observers wondering about the firm’s plans. Tesla initially entered the Bitcoin market in February 2021, purchasing $1.5 billion worth of the cryptocurrency. Since then, the company has sold portions of its holdings, including 4,320 BTC in early 2021 and an additional 29,160 BTC in 2022.
CEO Elon Musk had briefly allowed Bitcoin as a payment option for Tesla vehicles in 2021, but the decision was reversed due to environmental concerns. Musk later stated on social media that the company would resume accepting BTC payments once 55% of the network’s power came from renewable sources.
The latest transfer has reignited speculation about Tesla’s Bitcoin strategy, but the company has not made a public statement about the movement. Musk’s other venture, SpaceX, continues to hold 8,285 BTC, valued at over $553 million, making it one of the largest private Bitcoin holders.
Investors and analysts are eagerly awaiting Tesla’s third-quarter financial report, expected on Oct. 23, for further insight into the company’s Bitcoin strategy. Despite the news, the market response to Tesla’s Bitcoin activity has been minimal, with Bitcoin trading at $67,270 as of press time, up 2.2% over the past 24 hours, according to CryptoSlate data.
