Tesla, led by Elon Musk, has reportedly transferred its entire holding of Bitcoin, totaling 11,509 BTC and valued at around $770 million, to new digital addresses.
These transactions, which took place over a short span, mark the first interaction with its Bitcoin wallets since 2022, following the sale of a significant portion of its cryptocurrency assets.
The company initially entered the cryptocurrency market with a $1.5 billion investment in Bitcoin in February 2021, at one point holding as many as 43,000 Bitcoins.
However, subsequent sales have significantly reduced this amount. Before these recent transactions, Tesla was estimated to hold about 9,720 BTC, roughly valued at $650 million. Yet, according to Arkham Research, the actual figure is closer to 11,509 BTC.
Tesla ranks as the third-largest Bitcoin holder among publicly traded companies, following MicroStrategy and MARA, previously known as Marathon Digital. Interestingly, Musk’s space exploration firm, SpaceX, is reported to be holding around 8,285 Bitcoins.
Although the reason behind Tesla’s latest Bitcoin wallet activity remains uncertain, it has sparked speculation within the cryptocurrency community. Some analysts speculate it may be preparing for another large sale akin to those conducted in 2021 and 2022.
Tesla’s track record with Bitcoin is notable. In the first quarter of 2021, it sold $272 million worth of Bitcoin, earning a profit of $128 million as Bitcoin prices surged to nearly $62,000. Later, in the second quarter of 2022, Tesla sold $936 million in Bitcoin, realizing $64 million in profits despite a bearish market.
