Electronic vehicle manufacturer Tesla has transferred its Bitcoin (BTC) stash valued at approximately $765 million to several unknown wallets.
According to data from the blockchain intelligence platform Arkham, Tesla executed roughly 26 transactions, including test transfers.
Tesla Wallet Inactive Since 2022
Arkham also showed that the first transfer occurred on October 15. Before the massive transfers, the electronic vehicle company’s Bitcoin wallet had remained inactive since June 17, 2022.
There is also no indication that the crypto asset has been transferred to crypto exchanges, and Tesla has not made any public statements about plans to sell its holdings. Therefore, this reduces the possibility that the firm wants to shed part or the entirety of its BTC holdings.
Tesla Invests $1.5B in BTC
Tesla first entered the crypto market in February 2021, investing approximately $1.5 billion in bitcoin. The company then sold 4,320 BTC the next month, followed by a larger sale of 29,160 BTC in 2022.
According to BitcoinTreasuries data, Tesla is currently the fourth-biggest holder of bitcoin among publicly traded companies. Only software company MicroStrategy and bitcoin mining firms MARA Holdings and Riot Platforms have larger heaps of the leading crypto asset.
Musk’s BTC Payment Plan
Tesla CEO and tech billionaire Elon Musk planned to accept Bitcoin payments when Tesla first acquired its stash. However, the plan was quickly dropped due to environmental concerns.
SpaceX, a spacecraft manufacturing business also owned by the billionaire, still holds approximately 8,285 bitcoins worth over $553 million.
Further information about Tesla’s bitcoin transfers and whether the company has sold its holdings could be revealed when it releases its third-quarter financial results after markets close on October 23, 2024.
Meanwhile, Tesla’s recent transfers have had no effect on the price of BTC. As of the time of writing, the leading cryptocurrency is currently trading at over $67,400, up 2.66% over the last 24 hours.
