Tesla Transfers Entire $765M Bitcoin Holdings to Unidentified Wallets

Tesla, the electric vehicle giant, has shifted its entire Bitcoin reserve, valued at over $765 million, into multiple untraceable wallets.

Data from Arkham Intelligence revealed that a total of 11,500 Bitcoins associated with Tesla were moved on October 15, spread across 26 transactions, including a few test transfers. The initial test occurred at 8:41 PM UTC, with the associated wallet now holding a mere $6.68 worth of Bitcoin.

This large-scale move follows over a year of dormancy in Tesla’s Bitcoin holdings, which hadn’t been active since June 17, 2022. Currently, there’s no indication that these funds have been transferred to any cryptocurrency exchanges, and Tesla has not issued any public statements regarding potential plans to liquidate its Bitcoin assets.

It remains uncertain whether Tesla retains control over the transferred Bitcoin, which had previously positioned it as the fourth-largest Bitcoin holder among public companies. MicroStrategy, along with Bitcoin mining companies Marathon Digital and Riot Platforms, continue to lead in holdings, according to Bitcoin Treasuries data.

Tesla has not yet commented on the matter.

The company initially entered the Bitcoin space in February 2021, purchasing $1.5 billion worth of the cryptocurrency. In the months that followed, Tesla sold off smaller portions, first offloading 4,320 BTC, followed by a larger sale of 29,160 BTC in 2022.

CEO Elon Musk briefly accepted Bitcoin as a payment method for Tesla vehicles in March 2021, though this decision was reversed shortly afterward. Meanwhile, Musk’s other venture, SpaceX, still maintains a significant holding of 8,285 Bitcoin, valued at over $553 million, making it one of the largest Bitcoin reserves held by a private company.

Further clarity on Tesla’s Bitcoin transfers, or whether the company has sold its cryptocurrency holdings, might be provided when the firm releases its Q3 financial results after the market closes on October 23.

Despite this significant Bitcoin transfer, the cryptocurrency’s price remained stable, trading at $66,790, a 1% increase over the past 24 hours, according to CoinGecko.

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