California-based electric vehicle manufacturer Tesla has moved its entire Bitcoin holdings, valued at over $765 million, to multiple unidentified wallets.
On October 15, crypto wallets allegedly associated with Tesla transferred almost all of the company’s 11,500 Bitcoin (BTC) across 26 different transactions, which included test transfers, based on data provided by Arkham Intelligence.
The initial test transfer occurred on October 15 at 8:41 pm UTC, with the remaining wallet now containing only $6.68 worth of Bitcoin.
Transfers from Tesla to an unidentified wallet address. Source: Arkham Intelligence
Prior to this unexpected series of transfers, Tesla’s Bitcoin wallet had been inactive since June 17, 2022.
Currently, there is no indication that the Bitcoin has been transferred to any crypto exchanges, and Tesla has not publicly announced any intentions to sell its cryptocurrency holdings.
It remains uncertain whether Tesla maintains control over its 11,500 Bitcoin, which previously positioned it as the fourth largest Bitcoin holder among publicly listed companies, following MicroStrategy and Bitcoin mining firms Marathon Digital and Riot Platforms, according to data from Bitcoin Treasuries.
Tesla has not yet responded to inquiries regarding the recent transfers.
Source: Arkham Intelligence
Tesla initially acquired Bitcoin in February 2021, purchasing $1.5 billion worth of the cryptocurrency.
In the following month, Tesla sold 4,320 BTC, and later liquidated another 29,160 BTC in 2022.
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In March 2021, Tesla CEO Elon Musk briefly allowed Bitcoin as a form of payment for the company’s vehicles, only to reverse this decision shortly after.
Meanwhile, Musk’s aerospace company, SpaceX, still possesses 8,285 Bitcoin, valued at over $553 million, positioning it as the seventh-largest private firm holder of Bitcoin.
Further information regarding Tesla’s Bitcoin transfers, including whether it divested its holdings, might be disclosed when the company reports its third-quarter financial results after the market closes on October 23.
Notably, Bitcoin’s price remained largely unaffected by Tesla’s transfers and is currently trading at $66,790, reflecting a 1% increase over the past 24 hours, as reported by CoinGecko.
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Update (October 15, 11:45 pm UTC): This article has been amended to include additional information.
