Tesla has transferred its entire Bitcoin reserves, valued at over $765 million, to several unknown wallets, sparking speculation about a potential sale.
According to CoinTelegraph, the transfers were executed on October 15, moving nearly all of Tesla’s 11,500 BTC in 26 transactions.
Is Elon Musk Selling 11500 Bitcoins?
Data from Arkham Intelligence indicates that the initial test transaction took place around midnight, leaving Tesla’s original wallet with just $6.68 in BTC. Notably, Tesla’s wallet had been inactive since June 2022 prior to these transfers. There are no indications that the Bitcoin was sent to cryptocurrency exchanges, and Tesla has not officially announced any plans to sell its holdings. Consequently, stakeholders may have to wait for Tesla’s upcoming quarterly earnings report to determine if the Bitcoin has been sold.
Bitcoin Treasuries data also raises questions about whether Tesla still controls the 11,500 BTC, which had previously positioned the company as the fourth largest Bitcoin holder after MicroStrategy, Marathon Digital, and Riot Platforms. Tesla first ventured into Bitcoin in February 2021, acquiring $1.5 billion worth. However, the company sold 4,320 BTC the following month and divested 29,160 BTC in 2022. As of now, Bitcoin prices hover around $66,400, having risen by 2.5% in the last day.
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