Tesla moves 11,500 BTC worth $765 million in October 2024


Elon Musk’s Tesla has recently made headlines in the crypto world by transferring around 11,500 Bitcoin, valued at around $765 million, marking its first major Bitcoin activity in over two years.

This transaction, which took place on October 16, 2024, involved multiple smaller transfers to new, unidentified wallets, none of which are linked to cryptocurrency exchanges. This has led to speculation that Tesla might not be looking to sell its Bitcoin anytime soon.

The transfer consisted of 26 separate transactions, including three significant ones totaling over $228 million, while the remainder was distributed in smaller amounts. Tesla’s Bitcoin wallet had been dormant since 2022, making this sudden movement quite surprising.

Although no official explanation has been given, some analysts suggest that this could be a security measure, possibly to protect against hacking by moving funds to cold wallets. Others speculate that Tesla might be gearing up for a potential sale, which could have a notable impact on Bitcoin prices if it were to happen in the open market.

Tesla first ventured into Bitcoin in early 2021 with a hefty $1.5 billion investment, which garnered a lot of attention. The company sold 10% of its holdings shortly after, making a profit of $128 million.

However, during a market downturn in July 2022, Tesla sold off 75% of its remaining Bitcoin, netting $936 million. Currently, Tesla is estimated to hold around 9,720 BTC, valued at about $650 million, down from its peak of 43,000 BTC. Recent estimates suggest that Tesla may actually hold around 11,509 BTC across 68 wallets, worth approximately $770 million at current prices.

Despite the significant transfer, the market has remained relatively stable, with Bitcoin trading around $66,880 at the time of the transaction. Some analysts believe that if Tesla decides to sell its Bitcoin, it might opt for over-the-counter trades to avoid causing market panic or a drastic price drop.

Tesla continues to be one of the largest corporate holders of Bitcoin, alongside MicroStrategy and Marathon Digital Holdings.

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