Tesla transferred $765 million in Bitcoin (11,500 BTC) on October 15, leaving its wallet with just $6.68.
Tesla, a company that manufactures electric vehicles, transferred all of its Bitcoin holdings, totaling more than $765 million, to an unknown number of wallets.
According to information provided by Arkham Intelligence, cryptocurrency wallets that were identified as belonging to Tesla were responsible for the transfer of 11,500 Bitcoin on October 15 across a total of 26 transactions, which included test transfers.
The wallet is now holding only $6.68 worth of Bitcoin, and the first test transfer was completed on October 15 at 8:41 pm UTC. The Bitcoin wallet belonging to Tesla had been inactive since June 17, 2022, before the massive batch of transfers that occurred.
It is unclear if the Bitcoin has been transferred to Bitcoin exchanges, and Tesla has not announced its plans to sell its cryptocurrency holdings. According to data from Bitcoin Treasuries, it is unclear if Tesla still holds custody of the 11,500 Bitcoin, making it the fourth-largest Bitcoin holding among publicly traded businesses, behind the leading business intelligence firm MicroStrategy and Bitcoin miners Marathon Digital and Riot Platforms.
However, we anticipate that Tesla will maintain its control over Bitcoin. After receiving a request for comment on the transactions, Tesla did not immediately react to the inquiry.Tesla first bought Bitcoin in February 2021 for $1.5 billion.
It then proceeded to sell 29,160 BTC in 2022, after which it sold 4,320 BTC the next month. Elon Musk, the CEO of Tesla, admitted to accepting Bitcoin as a form of payment for the company’s automobiles for a small period of time in March 2021, but he then changed his mind on the matter.
Despite this, Musk’s spaceship manufacturing company, SpaceX, still has 8,285 Bitcoin valued at more than $553 million. This makes SpaceX the seventh-largest private company in terms of the amount of Bitcoin it possesses.
When the firm discloses its financial results for the third quarter after the market closes on October 23, it is possible that details regarding Tesla’s Bitcoin transfers, as well as whether or not the company sold its stack, may be released.
According to CoinGecko, the price of Bitcoin has not been affected by Tesla’s transfers, and it is currently trading at $66,790, representing a 1% increase over the past twenty-four hours.
