Tesla Transfers $765M Bitcoin, Igniting Speculation on Strategy

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The leading electric vehicle company, Tesla, has moved Bitcoin assets worth more than $765 million to unidentified wallets, raising questions about Elon Musk’s approach to cryptocurrency.

On October 15, the car manufacturer transferred its complete collection of 11,500 BTC across 26 transactions, marking the first activity from its cryptocurrency wallet since June 2022, according to Arkham Intelligence.

Tesla, previously the fourth-largest corporate Bitcoin holder among US-listed companies, remained silent about the reasons for relocating the digital assets. Currently, Tesla’s monitored wallets hold merely $6.74 in Bitcoin.

TESLA JUST MOVED ANOTHER $260M BTC

TOTAL MOVED: $760M pic.twitter.com/ukAcHW1EZC

— Arkham (@ArkhamIntel) October 15, 2024

As per data from BitcoinTreasuries, the only companies with more substantial Bitcoin reserves than Tesla are MicroStrategy (MSTR), Marathon Digital (MARA), and Riot Platforms (RIOT).

Tesla made waves in February 2021 with its $1.5 billion investment in Bitcoin (BTC). Since that announcement, the market has been closely monitoring Tesla’s Bitcoin holdings.

Tesla’s Bitcoin Sale Due to Environmental Concerns

In June 2022, Tesla divested a significant portion of its BTC holdings, citing worries about environmental impacts stemming from the heavy dependence on fossil fuels, especially coal, in Bitcoin mining operations.

Furthermore, plans to permit Bitcoin payments were also scrapped for the same environmental reasons.

Although Musk has shown support for Bitcoin, his stance remains somewhat ambiguous, as he has consistently championed the meme cryptocurrency Dogecoin.

“There’s some merit in bitcoin, and maybe some other crypto,” he remarked in a July interview.

With no official statement regarding the Bitcoin transfer, investors are anticipating Tesla’s Q3 earnings report scheduled for October 23, which may provide clarity on this action.

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