Tesla moves entire $765M Bitcoin stash to unknown wallets
Electric vehicle maker Tesla has transferred its entire Bitcoin stash worth over $765 million to several unknown wallets.
Crypto wallets labeled as owned by Tesla moved virtually all of the company’s 11,500 Bitcoin (BTC) on Oct. 15 across 26 transactions, including test transfers, according to data from Arkham Intelligence.
The first test transfer was made on Oct. 15 at 8:41 pm UTC, and the wallet currently holds just $6.68 worth of Bitcoin.
Transfers from Tesla to an unknown wallet address. Source: Arkham Intelligence
Before the sudden batch of transfers, Tesla’s Bitcoin wallet had been dormant since June 17, 2022.
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.
It isn’t clear if Tesla still has control of its 11,500 Bitcoin, which made it the fourth largest Bitcoin holder among publicly-traded companies behind leader business intelligence firm MicroStrategy and Bitcoin miners Marathon Digital and Riot Platforms, according to Bitcoin Treasuries data.
Tesla did not immediately respond to a request for comment on the transfers.
Source: Arkham Intelligence
Tesla first purchased Bitcoin in February 2021, buying $1.5 billion worth of the cryptocurrency.
The following month, it offloaded 4,320 BTC, followed by a sale of 29,160 BTC in 2022.
Related: Bitcoin uses more renewable energy, but will Tesla accept it again?
Tesla CEO Elon Musk briefly accepted Bitcoin as a payment for the company’s vehicles in March 2021 but reversed the decision a few weeks later.
Musk’s spacecraft manufacturing business, SpaceX, still holds 8,285 Bitcoin worth over $553 million — making it the seventh-largest Bitcoin-holding private firm.
Details on Tesla’s Bitcoin transfers — and if it sold its stack — could be disclosed when the company posts its third-quarter financial results after market close on Oct. 23.
Bitcoin’s price wasn’t materially impacted by Tesla’s transfers and is trading at $66,790, up 1% over the last 24 hours, according to CoinGecko.
Magazine: Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO
Update (Oct. 15, 11:45 pm UTC): This article has been updated to add information throughout.
