• Tesla has moved its entire remaining bitcoin stockpile worth an estimated $770 million to new crypto addresses
• The company may be preparing to sell more of its bitcoin holdings after over two years of inactivity
• Tesla is the third-largest public company bitcoin holder after MicroStrategy and Marathon Digital Holdings
Tesla, the electric vehicle company led by Elon Musk, has transferred its remaining bitcoin holdings worth an estimated $770 million to new addresses. This comes after a period of two years of inactivity and points to the company likely preparing to sell additional portions of its crypto assets.
Details of the Bitcoin Transfers
According to onchain data analyzed by Arkham Research, Tesla moved approximately 11509 bitcoins to around 7 new addresses in a series of transactions over the past hour. The transferred bitcoins are worth roughly $770 million at current prices.
Prior to these transfers, Tesla held an estimated 9720 BTC valued at $650 million. The transfers appear to be the company’s entire remaining Bitcoin treasury after selling the majority of its holdings in 2022.
The transactions were preceded by 6 test transfers, marking the first time Tesla has interacted with its bitcoin wallets since its sell-off last year.
Why Tesla May Be Preparing To Sell More Bitcoin
It is unclear exactly why Tesla has moved its remaining bitcoin to new addresses after over two years without touching its holdings.
However, many suspect the company is gearing up to sell additional coins soon. In Q1 2021 and Q2 2022, Tesla sold portions of its bitcoin, profiting $128 million and $64 million respectively.
The company may be looking to capitalize on bitcoin’s price appreciation in recent weeks and record more gains by selling some of its holdings.
Tesla’s History With Bitcoin
Tesla made waves in February 2021 after disclosing a $1.5 billion bitcoin purchase. At its peak, the company held over 43,000 BTC worth $2.5 billion.
Along with its bitcoin sales in 2021 and 2022, Tesla still accepts bitcoin as a payment method for vehicle purchases.
Conclusion
The recent movement of Tesla’s remaining bitcoin treasury is the strongest signal of activity from the company regarding its crypto holdings in over two years.
Many analysts believe Tesla is preparing to execute another sale of its bitcoin assets. With bitcoin gaining momentum in recent weeks, Tesla may be looking to lock in additional profits if it does indeed proceed with further sells.
