Elon Musk's Tesla has transferred all of its 11,509 #BTC☀ , worth about $760 million, to unknown addresses, according to data from Arkham Intelligence.
TESLA JUST MOVED ANOTHER $260M BTC
TOTAL MOVED: $760M pic.twitter.com/ukAcHW1EZC— Arkham (@ArkhamIntel) October 15, 2024
According to Bitcoin Treasuries, the electric car maker is the fourth-largest corporate holder of the first cryptocurrency by reserves. The service lists the company as holding 9,720 BTC.
In February 2021, it became known that Tesla invested $1.5 billion in #BTC☀ . Musk called these investments "quite risky."
In the spring of the same year, the company began selling electric cars for digital gold, but later abandoned this option.
By the end of the second quarter of 2022, Tesla had converted approximately 75% of its cryptocurrency into fiat, which earned it $936 million. The profit from the transaction amounted to $64 million. Taking into account the negative revaluation of bitcoins on the balance sheet in the amount of $204 million, the company reported a net loss of $140 million.
One user suggested that the company's recent cryptocurrency transfers were related to the move to self-storage, which he said was indicated by the format of the new addresses.
This is not selling, it is more likely taking direct custody of the coins, which would signal a reactivation of btc payments.
The tell is the legacy address format, which exchanges don't use anymore for coins that are going to be tx'ed in the near term.— Trygg.btc 🧙🏻♂️ (@TryggBTC) October 15, 2024
"This is not a sale," he said confidently.
According to Arkham, Tesla's Bitcoin reserves were held by institutional platform Coinbase Prime Custody.
Musk's space company SpaceX continues to hold 8,285 BTC in the service's wallets.
Let us recall that in January 2024, in a podcast with ARK Invest CEO Cathie Wood, the entrepreneur admitted that of all cryptocurrencies, he himself only owns “a large amount of Dogecoin.”
In February, SpaceX accepted payment in memecoin for the launch of the DOGE-1 satellite into space.
Please tell me a few cents 💵 😉 All the best ♥️
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