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Electric vehicle giant Tesla has shifted 11,509 Bitcoin, valued at an estimated $770 million, to new wallet addresses. The activity, tracked by Arkham Research, represents Tesla’s entire remaining Bitcoin treasury and marks the company’s first major Bitcoin transaction since selling off a large portion of its holdings in 2022.
Tesla, led by CEO Elon Musk, initially invested $1.5 billion into Bitcoin in February 2021, making headlines for its bold move into the crypto space. Now, the company’s recent transactions have raised questions about its intentions, as these movements occurred after more than two years of inactivity.
Bitcoin Shift After Long Dormancy
In the past hour, Tesla executed a series of transactions that sent approximately $770 million worth of Bitcoin to seven new addresses. The transfers were preceded by what appeared to be six test transactions, possibly ensuring the smooth operation of the transfers.
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As of October 15, Tesla was believed to hold 9,720 BTC worth roughly $650 million. However, Arkham Research suggests that the company might have up to 11,509 BTC across 68 addresses.
The recent activity has drawn attention from market watchers, many of whom are speculating that Tesla may be preparing to offload more of its Bitcoin holdings. This comes after Tesla previously sold $272 million worth of Bitcoin in early 2021, earning a $128 million profit when Bitcoin’s price surged near $62,000. In the second quarter of 2022, Tesla also sold $936 million worth of Bitcoin, recording $64 million in gains.
Tesla’s Unclear Motives
While the reasons behind Tesla’s recent Bitcoin transfers remain unclear, the timing has led to increased speculation. Some believe the company could be preparing to liquidate a portion of its remaining holdings, while others think it could be part of its broader strategy for managing its crypto assets. Tesla’s total Bitcoin holdings make it the third-largest holder among publicly traded firms, trailing behind MicroStrategy and Marathon Digital.
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With Tesla set to release its third-quarter financial results on October 23, many are curious to see if there will be any updates regarding its Bitcoin strategy.
