Tesla transfers Bitcoin after two years of lapse
Is Tesla selling coins? The blockchain data analysis platform Arkham monitored that Tesla transferred more than $765 million worth of Bitcoin to multiple unknown wallets on October 15.
The transfer involved 26 transactions, including test transfers, and Tesla transferred almost all of its 11,500 Bitcoins.
It is worth noting that this is the first time in two years that Tesla has transferred its Bitcoin holdings. However, there is currently no indication that these Bitcoins have been transferred to cryptocurrency exchanges, and Tesla has not publicly announced plans to sell crypto assets.
Source: XArkham: Tesla has not moved Bitcoin for two years
It is unclear whether Tesla still controls the Bitcoins after being moved to the new wallet. Prior to this, Tesla was the fourth largest Bitcoin holder among listed companies, behind MicroStrategy, Bitcoin mining companies Marathon and Riot.
Tesla’s experience in buying and selling Bitcoin
According to (Decrypt) reports, Tesla first purchased Bitcoin as early as February 2021, spending $1.5 billion to purchase approximately 43,200 coins.
However, the next month after the purchase, Tesla sold 4,320 Bitcoins, followed by an additional 29,160 Bitcoins in 2022.
As of July 2022, Tesla had sold approximately 75% of its Bitcoin holdings in total. At the time, Bitcoin had pulled back sharply from its previous bull market high of $69,000 and was selling for about $24,000.
Since then, Tesla has not touched the remaining 11,500 Bitcoins, and its remaining holdings have appreciated in value as Bitcoin has regained $67,000.
Musk has close ties to cryptocurrencies
Tesla CEO Musk has a close relationship with the currency community. He briefly accepted Bitcoin as payment for Tesla vehicles in March 2021, but canceled it weeks later due to mining environment concerns.
He has said that as long as most Bitcoin mining is powered by green energy, he will consider returning to accepting Bitcoin payments. But so far, Tesla has not decided to resume accepting Bitcoin payments.
It is worth mentioning that Musk is personally a public supporter of Dogecoin, and his aerospace company SpaceX still holds 8,285 Bitcoins worth more than $553 million, making it the seventh largest private company Bitcoin holder .
Currently, the price of Bitcoin has not been materially affected by Tesla’s transfer of assets. At the time of writing this morning, Bitcoin was quoted at $67,279, up about 0.3% on the day, according to cryptocurrency ranking website CoinGecko.
If you are curious about whether Tesla really sells coins, investors can pay attention to Tesla’s third-quarter financial report released after the U.S. stock market closes on October 23, U.S. time, to get more information about its Bitcoin holdings and transactions. Details.
