New York, Thursday, October 17, 2024-Tesla, the electric vehicle giant led by Elon Musk, has transferred over $770 million worth of bitcoin to new addresses, according to on-chain data from Arkham Research. The movement of 11,509 bitcoins is thought to represent the company’s entire remaining bitcoin holdings.
These transactions occurred over the past hour, following what appeared to be six test transactions, marking the first time Tesla has interacted with its bitcoin wallets since 2022.
Tesla initially made a groundbreaking $1.5 billion investment into bitcoin in February 2021. As of October 15, Tesla reportedly held around 9,720 BTC, worth approximately $650 million, but Arkham Research estimates that the company holds 11,509 BTC across 68 addresses, currently valued at $770 million.
This move follows Tesla’s previous bitcoin sales in 2021 and 2022, during which the company sold significant portions of its holdings, generating millions in profits.
The reason for this recent transfer remains unclear, though some analysts speculate that Tesla could be preparing to sell more of its bitcoin. The timing raises questions, given the company’s upcoming third-quarter financial results set to be released on October 23.
Tesla is currently the third-largest bitcoin holder among publicly traded companies, trailing MicroStrategy and MARA. Its subsidiary, SpaceX, is also believed to hold around 8,285 bitcoins.
