Tesla, the electric vehicle leader, has transferred its entire Bitcoin (BTC) holdings, worth approximately $765 million, to a series of unidentified wallets, raising questions about the company’s strategy toward crypto.
According to Arkham Intelligence data, the transfers involved 11,500 Bitcoin that were moved over 26 distinct transactions to multiple new addresses. Despite the large-scale shift, the funds have not been linked to any crypto exchanges, indicating that Tesla may not be liquidating its Bitcoin at this time.
The move marks the first time Tesla’s Bitcoin wallet has seen activity since June 2022. Prior to the transfers, the wallet had been dormant, leaving many 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 crypto. 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 allowed 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, continues to hold 8,285 BTC, valued at over $553 million, making it one of the largest private Bitcoin holders.
Further insight into Tesla’s Bitcoin strategy may emerge during the company’s third-quarter financial report, expected on Oct. 23.
The market response to Tesla’s latest Bitcoin activity has been minimal, with the flagship crypto continuing to display bullish signs amid sustained market optimism for higher prices.
As of press time, Bitcoin was trading at $67,270, up 2.2% over the past 24 hours, based on CryptoSlate data.