Tesla has shifted the majority of its Bitcoin to new wallets. There is no apparent indication that Elon Musk’s car company is selling.
Image: Elon Musk CEO of Tesla Motors
Important Aspects:
- Tesla moves 11,509 bitcoins to new wallets. Tesla’s whole bitcoin treasury may be represented by this transfer.
- Tesla now owns less bitcoin than when it had 43,000 BTC. It currently has about 9,720 Bitcoin, which is worth over $650 million.
- Among publicly traded companies, Tesla is the fourth-largest bitcoin holder. It is also estimated that SpaceX holds about 8,285 BTC.
Elon Musk’s company, Tesla, has transferred 11509 bitcoins to new wallets. The Onchain data from Arkham Research indicates that these bitcoins are worth an estimated $770 million. This action has raised rumors that the maker of electric vehicles may be liquidating its bitcoin holdings. The reason behind the company’s decision to move bitcoin after more than two years of dormancy is unknown.
Tesla Moves $770 Million in 11,509 Bitcoin to Multiple Accounts
Tesla possessed about 9,720 Bitcoin, or over $650 million, as of October 15, compared to a height of 43,000 Bitcoin. Arkham Research, however, claims that Tesla still has control over 11,509 bitcoins, distributed among 68 addresses. Meanwhile, its space company SpaceX is believed to own 8,285 bitcoins, according to Bitcoin Treasuries.
Arkham Intelligence data indicates that Tesla made several transfers in a short period of time. $75.18 million, $76.08 million, and $77.16 million were the sums of the first three significant trades.
Transfers from Tesla to an unknown wallet address. Source: Arkham Intelligence
Tesla’s motivations were called into question when these bitcoins were transferred to unidentified wallets. Following these first transfers, the business spread out its holdings by transferring the remaining Bitcoin into various wallets.
These transactions involved massive transfers of $102.36 million to other unidentified wallets, $39.82 million, and $31.92 million.
Elon Musk’s Tesla Continues to Be a Significant Bitcoin Player
Source: insidebitcoins.com
Based on data from Bitcoin Treasuries, Tesla is presently the fourth-largest bitcoin holding among publicly traded U.S. corporations, after Riot Platforms, Marathon Holdings, and MicroStrategy. More significantly, however, Tesla has not excluded bitcoin as a payment option for its cars.
Musk authorized the sale of $272 million worth of bitcoin in early 2021, and after prices jumped to around $62,000, he made $128 million. Tesla made $64 million in profits in Q2 2022 and sold an extra $936 million worth of bitcoin. Following these sales, bitcoin’s price plummeted by approximately 1.7%.
