Tesla Moves All $770 Million of Its Bitcoin to Unknown Wallets

In a series of transactions, the company that made an unprecedented $1.5 billion investment in Bitcoin in February 2021 moved about $770 million in the cryptocurrency to seven new addresses on Tuesday. Tesla previously conducted six test transactions, interacting with Bitcoin wallets for the first time since selling off most of its holdings in 2022.

As of Oct. 15, Tesla held about 9,720,$BTC , worth about $650 million, down from 43,000 at its peak. However, according to Arkham, Tesla holds up to 11,509 across 68 addresses, worth $770 million at current prices. Elon Musk’s SpaceX is estimated to hold 8,285,$BTC , according to Bitcoin Treasuries.

It is unknown why the company is moving $BTC after more than two years of inactivity, although some suspect it may be preparing to sell off an even larger portion of its coins.