- Tesla has moved around $765 million worth of Bitcoin to unknown wallets, representing nearly all of its Bitcoin holdings
- The wallets appear to be new and are not associated with crypto exchanges, suggesting Tesla is not planning to sell the Bitcoin at this time
- Tesla previously sold around 75% of its Bitcoin holdings in July 2022 when the price was around $24,000
Elon Musk‘s electric car company Tesla has moved nearly all of its Bitcoin holdings worth approximately $765 million to new wallets with unknown owners. The transfers occurred on Tuesday according to blockchain analysis by Arkham Intelligence. The Bitcoin represents most of Tesla’s reserves, excluding around $6 million worth that remains in the original wallets.
Details of the Bitcoin Transfer
- The Bitcoin was moved from wallets associated with Tesla as labeled by Arkham Intelligence.
- The funds were transferred to wallets that appear to be new. They are not known to be associated with any cryptocurrency exchanges.
- This means there is no immediate evidence that Tesla plans to sell the Bitcoin. The company has not provided any statement on the reasons for the transfer.
- In total, around $765 million worth of Bitcoin was moved. This represents nearly all of Tesla’s remaining Bitcoin reserves.
Tesla’s History with Bitcoin
- Tesla first revealed in early 2021 that it had bought $1.5 billion worth of Bitcoin.
- In Q1 2021, the company sold about 10% of its Bitcoin, around $100 million worth.
- Then in June 2022, Tesla sold about 75% of its remaining Bitcoin reserves, around $700 million worth at the time.
- The sale was when Bitcoin’s price had dropped significantly from an all-time high of about $69,000 in November 2021. At the time of the sale, Bitcoin was valued at around $24,000.
- Tesla still held the remaining Bitcoin holdings until the transfers this week. With Bitcoin now priced around $66,500, those reserves were worth around $765 million.
- Tesla CEO Elon Musk has had a mixed stance on Bitcoin. The company previously said it would accept Bitcoin payments for vehicles but halted that after just two months.
- Musk cited environmental concerns around Bitcoin mining. He said Tesla would consider resuming Bitcoin payments once mining transitions to more sustainable energy sources.
Conclusion
The movement of Tesla’s Bitcoin to new wallets is notable given the large amount transferred. However, there is no clear evidence yet that the company plans to liquidate its holdings. Tesla continues to have an unsteady relationship with Bitcoin.
