Tesla Transfers $765M Worth of Bitcoin (BTC) to Unknown Wallets

Tesla, the electric vehicle leader, has transferred its entire Bitcoin (BTC) holdings, worth approximately $765 million, to a series of unidentified wallets

Electric vehicle pioneer Tesla has shifted its entire Bitcoin (BTC) holdings, valued at approximately $765 million, to a series of unidentified wallets, according to data from Arkham Intelligence.

The transfers, which occurred on Oct. 18, involved 11,500 Bitcoin being moved over 26 distinct transactions to multiple new addresses. However, the funds have not been linked to any crypto exchanges, suggesting that Tesla may not be liquidating its Bitcoin at this time.

This marks the first activity observed in Tesla’s Bitcoin wallet since June 2022. Prior to the transfers, the wallet had been largely inactive, prompting industry observers to speculate on the firm’s plans.

Tesla first entered the Bitcoin market in February 2021, purchasing $1.5 billion worth of the cryptocurrency. In the months following, the company sold portions of its holdings, including 4,320 BTC in early 2021 and an additional 29,160 BTC in 2022.

CEO Elon Musk briefly enabled Bitcoin as a payment option for Tesla vehicles in 2021, but the decision was quickly reversed due to environmental concerns. However, he later stated on social media that the firm would accept BTC payments again once 55% of the power used for the network came from renewable sources.

The latest transfer has reignited speculation, but the company has yet to make a public statement about the movement. Musk’s other venture, SpaceX, is also known to hold a large amount of Bitcoin, with 8,285 BTC, valued at over $553 million, according to a May SEC filing.

Further insight into Tesla’s Bitcoin strategy may emerge during the company’s third-quarter financial report, which is expected on Oct. 23.

The broader market has reacted calmly to Tesla’s latest Bitcoin activity, with the flagship cryptocurrency continuing to show bullish signs amid sustained market optimism for higher prices.

At press time, Bitcoin was trading at $67,270, up 2.2% over the past 24 hours, according to CryptoSlate data.

The above is the detailed content of Tesla Transfers $765M Worth of Bitcoin (BTC) to Unknown Wallets. For more information, please follow other related articles on the PHP Chinese website!