Originally published on: October 15, 2024
In a surprising move, electric vehicle giant Tesla has shifted its entire Bitcoin holdings, valued at more than $765 million, to undisclosed wallets. The company’s 11,500 Bitcoin were transferred on October 15 in 26 transactions, including test transfers, as reported by Arkham Intelligence.
Prior to this transfer, Tesla’s Bitcoin wallet had remained inactive since June 17, 2022. The destination of these funds remains unknown, as there is no evidence of them being sent to crypto exchanges. Tesla has not revealed any plans to sell its cryptocurrency holdings.
This hefty Bitcoin stash made Tesla the fourth-largest holder among publicly-traded companies, trailing behind MicroStrategy, Marathon Digital, and Riot Platforms, according to Bitcoin Treasuries data. The company has not commented on the recent transfers.
Tesla initially entered the world of Bitcoin in February 2021 with a $1.5 billion purchase of the cryptocurrency. CEO Elon Musk briefly accepted Bitcoin as payment for Tesla’s vehicles in March 2021, only to reverse the decision shortly after. SpaceX, another company led by Musk, still holds a substantial amount of Bitcoin.
Details regarding Tesla’s recent Bitcoin transfers may surface when the company releases its third-quarter financial results. Despite the large transfers, Bitcoin’s price remained stable at $66,790, showing a 1% increase over the past 24 hours.
Stay tuned for more updates on this developing story.
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