Tesla Shifts $765 Million Bitcoin Holdings to Unknown Addresses

The electric vehicle manufacturer Tesla has recently transferred its entire Bitcoin holdings, valued at over $765 million, to various unidentified wallets.

This mass movement of cryptocurrency occurred on October 15, where wallets identified as belonging to Tesla conducted nearly all of the company’s 11,500 Bitcoin (BTC) across 26 transactions, which included several test transfers, as per data from Arkham Intelligence.

The initial test transfer took place on October 15 at 8:41 PM UTC, with the remaining balance in the original wallet now amounting to a mere $6.68.

Prior to these sudden transfers, Tesla’s Bitcoin wallet had not been active since June 17, 2022.

At this time, there is no indication that the Bitcoin has been transferred to any cryptocurrency exchanges nor has Tesla made any public announcements regarding intentions to sell its crypto assets.

The ambiguity remains regarding whether Tesla still maintains control over its 11,500 Bitcoin, as it formerly positioned the company as the fourth-largest Bitcoin holder among publicly traded entities. This ranking follows business intelligence firm MicroStrategy and Bitcoin mining firms Marathon Digital and Riot Platforms, according to statistics from Bitcoin Treasuries.

Tesla has yet to respond to inquiries regarding the recent transfers.

Tesla initially entered the Bitcoin market in February 2021 with a purchase of $1.5 billion worth of the cryptocurrency. In the months following, the company sold off portions of its holdings, including 4,320 BTC in March 2021 and an additional 29,160 BTC in 2022.

Elon Musk, the CEO of Tesla, briefly allowed Bitcoin as a payment option for Tesla vehicles in March 2021, but this decision was retracted shortly thereafter.

Additionally, Musk’s aerospace company, SpaceX, holds 8,285 Bitcoin, which equates to over $553 million, making it the seventh-largest Bitcoin-holding private firm.

Further details regarding Tesla’s Bitcoin transactions, along with any potential liquidation of holdings, may be revealed in the upcoming third-quarter financial report, scheduled for release on October 23.

Bitcoin’s value has not experienced significant fluctuations in relation to Tesla’s transfers and is currently trading at $66,790, reflecting a 1% increase over the last 24 hours, according to CoinGecko.