Tesla has moved all of its Bitcoin holdings, valued at over $765 million, to unidentified wallets in a surprising transfer. Data from Arkham Intelligence shows that the company’s 11,500 Bitcoin was moved on October 15 in a series of 26 transactions, including several test transfers.
Before these transactions, Tesla’s Bitcoin wallet had been inactive since June 2022. The final transfer left the wallet with a balance of just $6.68 in Bitcoin.
Unclear Intentions Behind Tesla’s Transfers
It remains uncertain whether Tesla still controls the Bitcoin or has offloaded it, as the funds have not been moved to any known exchanges. Tesla has made no official announcement about the transfer or potential plans to sell.
If Tesla no longer holds the 11,500 BTC, it would mark a significant shift for the company, which ranks among the top Bitcoin holders for publicly traded firms. Currently, MicroStrategy, Marathon Digital, and Riot Platforms lead the list of companies with the largest Bitcoin reserves.
Tesla did not respond to requests for comments regarding the transfers.
Tesla’s Bitcoin Journey
Tesla entered the crypto world in February 2021 with a $1.5 billion Bitcoin purchase. Shortly after, the company sold 4,320 BTC, followed by a larger offload of 29,160 BTC in 2022.
In March 2021, CEO Elon Musk briefly accepted Bitcoin as payment for Tesla vehicles but reversed the decision within weeks, citing environmental concerns.
Meanwhile, Musk’s other company, SpaceX, still holds 8,285 BTC valued at more than $553 million, making it one of the largest Bitcoin-holding private firms.
Tesla’s Financial Results Could Provide Clarity
Tesla’s motives for these Bitcoin transfers may become clearer during its third-quarter earnings report on October 23. Investors will be watching closely to see whether the company discloses a sale or provides further insight into its crypto holdings.
Despite the size of Tesla’s transfer, Bitcoin’s price remained stable, trading at $66,790, a 1% increase over the past 24 hours, according to CoinGecko.
