Tesla, under the leadership of Elon Musk, has moved nearly all its Bitcoin holdings, valued at approximately $765 million, to unknown wallets, sparking widespread debate over the automaker’s future plans for the cryptocurrency. According to Arkham Intelligence, over 11,500 Bitcoin were transferred on Tuesday, leaving Tesla’s wallets with only $6.74 in BTC.
This marks Tesla’s first major Bitcoin activity since it sold off a significant portion of its holdings in 2022.
Tesla’s Initial Bitcoin Investment and Sale
Tesla first made headlines in February 2021 when it invested $1.5 billion in Bitcoin, a bold move when many companies were cautious about entering the volatile crypto market. The automaker acquired Bitcoin when its price ranged between $29,000 and $40,000, likely buying at an average price near $35,000. Tesla cited its strategy as a way to increase flexibility and maximize returns on cash reserves.
Tesla also planned to accept Bitcoin as payment for its products on a trial basis, depending on regulatory conditions. However, the company sold off 75% of its Bitcoin holdings in early 2022, at a loss. By March 2022, when Arkham Intelligence began tracking its wallets, Tesla still held 11,509 Bitcoin, worth about $770 million at the time.
Tesla Among Top Bitcoin Holders
Data from Bitcoin Treasuries lists Tesla as the fourth-largest Bitcoin holder among publicly traded U.S. companies, trailing only MicroStrategy, MARA Holdings, and Riot Platforms. The recent transfer of Tesla’s Bitcoin has fueled speculation that Elon Musk might be planning to sell off the company’s remaining holdings. Musk’s close ties to the crypto community and his public support for Republican presidential nominee Donald Trump have further intensified these discussions.
Musk’s latest moves have raised questions, particularly as Trump’s popularity within the cryptocurrency space has surged, driven by his newfound, favorable stance on digital assets.
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