- Tesla transferred its entire Bitcoin stash of 11,500 BTC to unknown wallets on October 15.
- The company’s Bitcoin wallet had been inactive since June 2022 before these transactions took place.
- No evidence suggests Tesla sold its Bitcoin, and further details might come with Tesla’s upcoming financial results.
Tesla, the electric vehicle company, moved all of its Bitcoin holdings—valued at over $765 million—across multiple unknown wallets on October 15. Blockchain data from Arkham Intelligence revealed that 11,500 Bitcoin were transferred in 26 separate transactions, including preliminary tests.The first test transfer happened after leaving Tesla’s previously dormant wallet with just $6.68 worth of Bitcoin. The wallet had not seen any activity since June 2022.
Tesla has not yet provided any public information about the purpose of these transfers, nor has it indicated whether the cryptocurrency has been sold. So far, no signs show the Bitcoin ended up on any exchanges. This has left questions about whether Tesla still controls the assets.
As of this transfer, Tesla ranked as the fourth-largest Bitcoin holder among public companies, trailing behind MicroStrategy, Marathon Digital, and Riot Platforms. Despite the movement of funds, Bitcoin’s price remained unaffected, hovering around $66,790 at the time of reporting.
Background on Tesla’s Bitcoin Holdings
Tesla first bought Bitcoin in February 2021, investing $1.5 billion. Shortly afterward, the company sold part of its holdings. In 2022, Tesla offloaded another 29,160 Bitcoin. Despite these sales, it maintained a significant stake until these recent transfers.
The company’s CEO, Elon Musk, briefly allowed customers to purchase Tesla vehicles with Bitcoin in March 2021. However, the option was removed weeks later due to concerns over Bitcoin’s environmental impact. Although Tesla’s plans for Bitcoin are unclear, its financial records for the third quarter, set to be released on October 23, may provide more insight.
Meanwhile, Musk’s other business, SpaceX, still holds 8,285 Bitcoin, placing it seventh among private companies in Bitcoin ownership.
