What the $760M Transfer Means

• Arkham started to track the Bitcoin wallets of Tesla and reported that the company has around 11,509 Bitcoins.
• A lot of people have so far started to speculate about the move, but the company has made no statements. 
• It is also said that the Bitcoin Strategy for Tesla will be unveiled at the time of submission of the financial report of the third quarter of the company.

A wave of curiosity and shock started when the news of a transfer of Bitcoin worth $760M from Elon Musk’s Tesla account to unknown wallets spread. There are speculations that the automaker has sold off all of its holdings. 

On October 15, Arkham Intelligence, a blockchain and crypto activity analyzer reported that wallets which were linked to Tesla transferred around 11,500 Bitcoin to concealed accounts. After the mass transfer, only $6.74 BTC is left in the Tesla account. 

Before this, no case was reported when an automaker has performed transfer of its Bitcoin wallets since selling the majority of the holdings in 2022. Tesla was in the limelight in February 2021, when it invested around $1.5B worth of Bitcoin, the time were companies were avoiding the unpredictable cryptocurrency market.

Bitcoin as a payment method for Tesla 

In the duration of one month, when Bitcoin was priced at $29,000 and $40,000 starting From January 2021, Elon Musk’s Tesla acquired Bitcoins. According to this, the average price of Bitcoin was $35,000 when the company bought the cryptocurrency. 

The company had also unveiled that it has plans to use Bitcoin as a method of payment for its products and the trial to be started soon with taking into consideration all of the legalities back in 2021. But, the plan got no success concerning the environmental issues  Two years ago, around 75% of the Bitcoin holdings were sold off at shipwreck. 

The crypto activity analyzer, Arkham started to track the Bitcoin wallets of Tesla and reported that the company has around 11,509 Bitcoin whose worth was estimated at about $770M in March. 

Bitcoin strategy for Tesla 

Tesla is the fourth largest Bitcoin holder in the publicly traded companies of the United States, as reported by Bitcoin Treasuries, a platform which provides data and insights on the Bitcoin holdings. Apart from this, MicroStrategy, MARA Holdings as well as Riot Platforms has a good amount of Bitcoin reserves. 

A lot of people have so far started to speculate about the move, but the company has made no statements. Another project of Elon Musk, SpaceX has about 8,285 BTC in holding which holds a worth of around $553 million. 

It is also said that the Bitcoin Strategy for Tesla will be unveiled at the time of submission of the financial report of the third quarter of the company, anticipated to be released on October 23. 

According to the data from CoinMarketCap,  Bitcoin is priced at $66,952 which has touched around $67,000 in the last 24 hours.