Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses
Tesla relocated 11,509 bitcoins, valued at $770 million, to new addresses.
This marks Tesla’s first Bitcoin transaction since selling most holdings in 2022.
Tesla remains the third-largest Bitcoin holder among public companies after MicroStrategy.
Tesla, the electric vehicle giant led by Elon Musk, has recently relocated its entire Bitcoin (BTC) treasury, consisting of 11,509 bitcoins valued at approximately $770 million, to multiple new addresses.
This significant move was reported by analytics firm Arkham Research, which tracked the on-chain data associated with the transactions.
First time Tesla is touching its Bitcoin stockpile
The transfer of bitcoins marks Tesla’s first interaction with its crypto wallets since 2022 when the company sold off the majority of its holdings.
The series of transactions occurred within a single hour and was preceded by six test transactions, indicating a strategic approach to the relocation.
At its peak, Tesla held around 43,000 bitcoins, but according to the latest quarterly report, the company reportedly had about 9,720 BTC, worth roughly $650 million as of October 15.
Arkham estimates that Tesla still holds 11,509 bitcoins across 68 addresses, reflecting a significant adjustment in its cryptocurrency strategy.
Tesla’s past dealings with Bitcoin have been noteworthy. In early 2021, the company made headlines with a monumental $1.5 billion investment in the cryptocurrency, followed by the sale of $272 million worth of bitcoin in the first quarter of 2021, resulting in a profit of $128 million.
By the second quarter of 2022, Tesla sold another $936 million in Bitcoin, garnering $64 million in gains as the market experienced volatility.
Despite these transactions, the recent move to new addresses raises questions about Tesla’s future plans for its Bitcoin holdings. Industry speculation suggests that the company might be preparing for further sales, although no official statements have clarified the intent behind the recent transfer.
As of now, Tesla remains the third-largest holder of Bitcoin among publicly traded companies, trailing behind MicroStrategy and Marathon Digital Holdings (MARA).
Additionally, Musk’s other company, SpaceX, is estimated to hold around 8,285 bitcoins, further emphasizing the significant role cryptocurrency plays in the operations of Musk’s enterprises.
Notably, Tesla continues to accept BTC payments for vehicle purchases, signalling its ongoing engagement with the cryptocurrency landscape.
The post Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses appeared first on CoinJournal.
