According to TechFlow, on October 16, Cointelegraph reported that electric car manufacturer Tesla transferred all of its Bitcoin holdings to multiple unknown wallets on October 15, with a total value of more than $765 million. According to Arkham Intelligence, Tesla transferred approximately 11,500 Bitcoins through 26 transactions (including test transfers). Prior to this large-scale transfer, Tesla's Bitcoin wallet had been dormant since June 17, 2022.
There is no indication that the bitcoins were transferred to cryptocurrency exchanges, and Tesla has not publicly disclosed any plans to sell cryptocurrencies. Before the transfer, Tesla was the fourth largest bitcoin holder among listed companies, behind MicroStrategy, Marathon Digital and Riot Platforms.
Tesla first purchased $1.5 billion worth of Bitcoin in February 2021. Since then, the company has sold 4,320 Bitcoins in March 2021 and 29,160 Bitcoins in 2022. Tesla CEO Elon Musk briefly accepted Bitcoin as a payment method for company vehicles, but rescinded the decision a few weeks later.
