Tesla quietly moves $769m in Bitcoin to multiple unknown wallets

Cybertruck Maker Tesla Relocates Bitcoin

Cybertruck manufacturer Tesla has shifted its Bitcoin holdings amidst a dormant period of two years.

Massive Transfer:

On October 15th, around 20:41 UTC, Tesla-identified wallets initiated the transfer of funds. After several test transactions, 11,500 Bitcoin (BTC) worth over $769 million were distributed across seven distinct wallets.

Unannounced Operation:

As of this writing, Tesla has made no official statements regarding the potential sale of its holdings or the identity of the recipient wallets. Tesla's upcoming Q3 earnings report on October 23rd could provide insights into this move.

Possible Rationale:

Experts speculate that the transfer is not a sale but a strategic move for Tesla to establish direct control over its Bitcoin. This action may suggest the potential reactivation of Bitcoin payments, as Tesla utilized a legacy address format not typically employed by exchanges for immediate transactions.

Tesla's Bitcoin Sales History:

June 2022 marked the previous time Tesla sold Bitcoin, releasing 29,160 coins at an average price of $20,000 each. In February 2021, the company had acquired $1.5 billion worth of Bitcoin and subsequently sold 4,320 BTC.

Blockchain Holdings:

Prior to the current transfers, Tesla ranked as the fourth-largest corporate Bitcoin holder, behind MicroStrategy, Galaxy Digital, and Riot Platforms.

SpaceX's Bitcoin Reserves:

Elon Musk's other company, SpaceX, retains its Bitcoin holdings, currently amounting to 8,285 Bitcoin (approximately $556 million).

Market Reaction:

At this time, the price of Bitcoin remains unaffected by the transfers and is hovering below $67,000, experiencing a 1.7% gain over the past 24 hours.

Related News:

August saw Musk hint at reinstating Dogecoin as a payment option for Tesla merchandise. While no official announcement has been made, Musk's comments have garnered attention for Dogecoin.