Elon Musk's Tesla, one of the largest holders of bitcoin {{BTC}}, has moved all $760 million worth of the cryptocurrency it owns to unknown wallets, raising the possibility that the automaker is selling.
According to cryptocurrency data firm Arkham Intelligence, wallets associated with the electric car maker began moving funds to unknown wallets on Tuesday.
Tesla is the fourth-largest holder of bitcoin among public companies in the United States, according to data from BitcoinTreasuries. Only software company MicroStrategy and bitcoin mining companies Marathon Holdings and Riot Platforms have larger reserves.
Tesla bought $1.5 billion in bitcoin in February 2021, but has sold most of its holdings over the years. When Arkham Intelligence added tracking of the automaker's bitcoin wallet to its dashboard in March, it held about 11,509 bitcoins, worth about $770 million.
Musk had also previously announced that the company would soon accept bitcoin payments, but the plan was scrapped shortly after due to environmental concerns.
While several of Musk's companies — including Tesla and SpaceX — hold bitcoin on their balance sheets, it's unclear how much the owner of X (formerly Twitter) believes in the token. In an interview aired on YouTube in July, Musk said he thinks "bitcoin has some value, and maybe some other cryptocurrencies," but his preference is for dogecoin {{DOGE}}.#Write2Win #IntroToCopytrading #BinanceTurns7 $DOGE
