Tesla moves its remaining estimated $770 million bitcoin stockpile to multiple new addresses
Quick Take Elon Musk’s Tesla has moved over $770 million worth of bitcoin to new addresses, possibly in preparation to sell more of its holdings.
Tesla, the electric vehicle juggernaut operated by Elon Musk, has moved 11509 bitcoins worth an estimated $770 million to new addresses, according to onchain data tracked by analytics firm Arkham Research. This appears to be the company's entire remaining bitcoin treasury.
In a series of transactions over the past hour, the company, which made an unprecedented $1.5 billion investment into bitcoin in February 2021, moved approximately $770 million worth of the cryptocurrency to about seven new addresses. These token movements were preceded by what appears to be six test transactions , the first time Tesla has interacted with its bitcoin wallets since it sold off the majority of its holdings in 2022.
As of Oct. 15, Tesla held an estimated 9,720 BTC , worth roughly $650 million, down from the 43,000 BTC +0.97% it held at its height. However, Arkham believes Tesla holds as much as 11,509 BTC across 68 addresses, worth $770 million at current prices. Musk’s space-faring company SpaceX is estimated to hold an additional 8,285 bitcoins, according to BitcoinTreasuries .
Tesla is the third-largest bitcoin holder among publicly traded firms, following MicroStrategy and MARA (formerly known as Marathon Digital). The EV maker accepts bitcoin payments for car purchases.
It is unclear why the company is moving bitcoin after over two years of inactivity, though some suspect it could be preparing to sell off more coins.
In the first quarter of 2021, Musk authorized the sale of $272 million worth of bitcoin notching a $128 million profit, after bitcoin rallied to a high near $62,000, according to The Block’s price page .
Tesla also sold $936 million worth of bitcoin in the second quarter of 2022, bringing $64 million in gains. Bitcoin fell about 1.7% on that news. Its total revenue that quarter grew 42% year-over-year to $16.9 billion.
The company will post its third-quarter financial results after the market close on Oct. 23.
Editor's note: Updates total amount of bitcoin transferred.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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