Tesla Transfers All of Its Bitcoin (BTC) Holdings Worth US$765M After Two Years of Hibernation
- Linda HamiltonOriginal
- 2024-10-16 16:30:12763browse
After two years of hibernation, American EV automotive company Tesla has transferred all of its Bitcoins (BTC), valued at around US$765M (AU$1.14B).
American electric vehicle (EV) automotive company Tesla has moved all of its remaining Bitcoins (BTC), which are valued at around US$765 million (AU$1.14 billion), according to reports.
Tesla initially purchased US$1.5 billion (AU$2.25B) worth of BTC in 2021, but has since sold significant portions of the stash.
First, the company sold 10% of its Bitcoin in the same year and a year later sold 75% of what was left of its stash, putting more pressure on an already-hit Bitcoin.
However, despite these sales, Tesla still held onto some Bitcoin. This particular move comes as Bitcoin recently surged to US$66,857 (AU$100,112), causing Tesla’s holdings to appreciate over time.
This recent price boost represents a 1.36% increase in the daily chart and just slightly above 13% in the last 30 days. According to a CoinGecko report, the coin’s “modest” growth was no match for other emerging assets like Gold, which netted over 14% amid concerns of a potential economic slowdown.
These Bitcoin transfers were detected by Arkham Intelligence, which tracks wallets associated with Tesla.
TESLA JUST MOVED ANOTHER $260M BTC
TOTAL MOVED: $760M
I guess it’s a good sign that the Bitcoins were moved to unknown wallets unrelated to crypto exchanges, suggesting Tesla isn’t planning to sell it (at least not immediately).
Tesla has had a complex relationship with Bitcoin. In 2021, it initially announced it would accept Bitcoin for car payments but later backtracked due to “environmental concerns” over Bitcoin’s high energy usage.
While Elon Musk suggested Tesla would resume Bitcoin payments once mining became “more sustainable”, the company has not made any moves in that direction since.
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