Tesla's transfer of $770 million worth of Bitcoin assets to unknown wallets raises the possibility of the company selling its crypto assets.
According to cryptocurrency data firm Arkham Intelligence, wallets connected to Tesla moved more than 11,500 Bitcoins to unknown addresses, leaving Tesla wallets with only $6.65 worth of Bitcoin, or almost no assets.
Tesla is known to be the fourth-largest Bitcoin holder among publicly traded U.S. companies, behind software company MicroStrategy and mining company MARA, according to BitcoinTreasuries data.
The company purchased $1.5 billion worth of Bitcoin in February 2021, and the value of those assets had reached as much as $2.5 billion at one point.
Getting ready to resell?
With Elon Musk’s approval, Tesla sold $272 million worth of Bitcoin in the first quarter of 2021, making $128 million. The company also sold $936 million worth of BTC in the second quarter of 2022, making $64 million.
It is not known why Tesla transferred these BTCs after two years of stagnation, but some suspect that the company is preparing to sell them. Tesla will release its financial report for the third quarter of this year on October 23.
Stay tuned for new information.
