Key Points
- Tesla has reportedly moved nearly all of its Bitcoin holdings to unknown wallets, sparking speculation about a potential sell-off.
- Elon Musk’s recent public support for Donald Trump has added intrigue to Tesla’s crypto activities.
Tesla, led by Elon Musk, has reportedly transferred a large portion of its Bitcoin holdings to undisclosed wallets. This move has sparked speculation about the company’s intentions with its significant cryptocurrency investment.
Tesla’s Bitcoin Transfer
According to Arkham Intelligence, Tesla moved over 11,500 Bitcoin to unknown wallets on October 15th. This significant transfer has led to widespread speculation online about Tesla’s motives. Following the transfer, Tesla’s crypto wallets now reportedly hold only about $6.74 in Bitcoin.
The transaction was conducted in three separate batches, moving approximately 3,385 Bitcoin (valued at around $225 million) to three unidentified Pay to Public Key Hash (P2PKH) addresses. Meanwhile, Bitcoin experienced a slight dip in value before rebounding with a 2.53% gain over the past 24 hours.
Speculations Around Trump’s Crypto Project
The Bitcoin transfer by Tesla has led to speculation across the crypto community, with some suggesting a connection to former President Donald Trump’s rumored crypto project. Musk’s recent public support for Trump, including attending a rally in Butler, Pennsylvania, and referring to himself as “Dark MAGA,” has added fuel to these speculations.
However, it remains uncertain whether these speculations hold any truth. Tesla’s relationship with Bitcoin has been dynamic since its significant $1.5 billion investment in early 2021. The company even sold 75% of its holdings due to market volatility by 2022.
As of March, Arkham Intelligence reported Tesla held 11,509 Bitcoin, worth around $770 million, making it the fourth-largest Bitcoin holder among U.S. public companies.
