Is Elon Musk Selling Bitcoin? Tesla Transfers All $760M of Its BTC to Unknown Wallets

On-chain data shows wallets associated with Elon Musk's electric car company have been emptied.

Electric car company Tesla, owned by Elon Musk, has fully emptied its bitcoin (BTC) wallets, transferring all $760 million to unknown wallets.

On Tuesday, several wallets linked to the carmaker began transferring funds to unidentified wallets, according to crypto data firm Arkham Intelligence.

Tesla is currently the fourth-largest holder of bitcoin among U.S. publicly traded companies, according to data from BitcoinTreasuries. Only software company MicroStrategy and bitcoin mining firms Marathon Holdings and Riot Platforms hold larger stashes of the cryptocurrency.

In February 2021, Tesla purchased $1.5 billion worth of bitcoin, but the company has since sold the majority of its holdings. When Arkham Intelligence added Tesla's bitcoin wallet to its dashboard in March, it showed that the carmaker held around 11,509 bitcoin, valued at about $770 million at the time.

Musk has also previously announced that the company would begin accepting payments made with bitcoin, but the plans were dropped shortly after due to environmental concerns.

While some of Musk's companies, including Tesla and SpaceX, hold bitcoin on their balance sheets, it is unclear how much the X (formerly Twitter) owner personally believes in the token. In an interview that aired on YouTube in July, Musk stated that he believes "there's some value in bitcoin, and maybe some other crypto," but that his preference is for dogecoin (DOGE).

This story was updated at 11:33 AM ET on Oct. 12, 2023, to include additional information from Arkham Intelligence.

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