After being inactive since June 17, 2022. Tesla’s Bitcoin Wallet records a sudden batch of transfers and activity going on.
The company transferred all of its Bitcoin (worth over $765 million) to various unknown wallets, and about 11,500 Bitcoin was moved through 26 different transactions, including small test transfers to ensure everything worked smoothly.
These transfers occurred on October 15, and after the transactions, the wallet had a tiny amount of $6.68 left. There’s no sign that the Bitcoin has been sent to crypto exchanges, and Tesla has not publicly disclosed any plans to offload its crypto holdings.
It’s also uncertain whether Tesla still controls these 11,500 BTC that earned them title as one of the largest holders of Bitcoin among publicly traded companies, with only three other companies—MicroStrategy, Marathon Digital, and Riot Platforms—holding more.
Read Also: Bitcoin social sentiments are still bullish with more than 1.8M bullish posts.
Tesla is yet to respond to inquiries regarding these transfers or whether it sold the Bitcoin.
Tesla’s Bitcoin History
Tesla initially bought $1.5 billion worth of Bitcoin in February 2021. It sold part of this in two batches: first, 4,320 Bitcoin in 2021 and later, 29,160 Bitcoin in 2022.
Tesla’s CEO, Elon Musk, then briefly allowed Bitcoin as a payment method for Tesla cars in March 2021. However, he reversed that decision after just a few weeks.
What You Should Know
Tesla’s transfers did not significantly affect Bitcoin’s price. The cryptocurrency continued trading at around $66,790, with a slight 1% increase over the past 24 hours.
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