TechFlow news, on October 16, according to Cointelegraph, electric vehicle manufacturer Tesla transferred all of its bitcoin holdings into multiple unknown wallets on October 15, with a total value exceeding $765 million. Data from Arkham Intelligence shows that Tesla moved approximately 11,500 bitcoins through 26 transactions, including test transfers. Prior to this large-scale movement, Tesla's bitcoin wallet had remained dormant since June 17, 2022.
There is currently no indication that these bitcoins have been sent to cryptocurrency exchanges, and Tesla has not publicly disclosed any plans to sell its cryptocurrency. Before the transfer, Tesla ranked as the fourth-largest publicly traded company holder of bitcoin, behind MicroStrategy, Marathon Digital, and Riot Platforms.
Tesla first purchased $1.5 billion worth of bitcoin in February 2021. Since then, the company sold 4,320 and 29,160 bitcoins in March 2021 and 2022 respectively. Tesla CEO Elon Musk briefly accepted bitcoin as payment for company vehicles but reversed the decision weeks later.
