Tesla transferred $765M in Bitcoin to unknown wallets after two years of dormancy.
The transfers involved 11,509 Bitcoin, with no indication of a planned sale.
Tesla’s third-quarter report may reveal more details about the recent Bitcoin transfers.
Tesla has transferred almost its entire Bitcoin holdings, worth over $765 million, to new and unknown wallets. Data from Arkham Intelligence shows that the transfer happened on October 15 through multiple transactions. These transactions came after over two years of dormancy in Tesla’s Bitcoin wallets since June 2022.
Tesla(@Tesla) transferred all 11,509 $BTC($765M) to 7 new wallets after 2 years of dormancy.
New wallets:
1,900 $BTC: 1LERLxxosFyvRf8gsndx51y4muqLDJ7VUp
1,100 $BTC: 1MGM8zsqkTMwu8MDoJKGxFDcsUFrcLxSje
2,109 $BTC: 1FnhpZnvLgNDcvmezQnXi6HewU39qNjwY9
1,600 $BTC:… pic.twitter.com/F2QnOxtnaI
— Lookonchain (@lookonchain) October 16, 2024
The electric vehicle maker moved 11,509 Bitcoin through 26 transactions. Some of these were test transfers. The funds have thus been split into seven new wallets with each containing 1,100 to 2,109 Bitcoins. Tesla was among the biggest corporates invested in bitcoin prior to the transfer.
Tesla had introduced Bitcoin investment earlier in February 2021 after the firm bought bitcoins worth $1.5 billion. Subsequently, by February 2022, it had sold 75% of these bitcoins which it pointed out were sold at a loss. The company’s wallet has only $6.64 worth of Bitcoin now.
It remains unclear whether Tesla intends to sell its Bitcoin. The company has not disclosed any official plans regarding its cryptocurrency. There is also no indication that the Bitcoin has been moved to any exchanges. Tesla has not responded to inquiries about the transfers.
This sudden move places Tesla’s future involvement with Bitcoin in question. Some speculate that the company may be preparing to offload its Bitcoin. However, no public announcement has been made.
The timing of this movement has raised eyebrows. It arrives ahead of Tesla’s third-quarter earnings release, which is expected on October 23. At that time, the analysts expect more details about the company’s strategy for using Bitcoin.
However, the market of Bitcoin did not experience any major shift after a great percentage was transferred. At press time, the price of Bitcoin stands around $67,190, an increase of 2.6% from the previous 24 hours. However, Tesla still stays in the top major corporate holders, falling behind MicroStrategy as well as the Bitcoin miners Marathon Digital and Riot Platforms. On the other hand, SpaceX, another company owned and founded by Elon Musk still owns 8,285 Bitcoins which at their current price are worth over $553m.
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