Tesla, an electric vehicle pioneer led by Elon Musk, has reportedly moved its entire Bitcoin holdings, 11,509 BTC valued at around $770 million, to new digital addresses.
These transfers, which occur in lightning transactions over a few days, also mark the first time since 2022 that Tesla has touched its Bitcoin wallets after selling off a large portion of its cryptocurrency investments.
Tesla’s foray into cryptocurrencies started on a strong note, with its $1.5 billion investment in Bitcoin in February 2021. It reportedly owned up to 43,000 Bitcoins at one point.
However, sales in the following months reduced this position considerably. In the months leading up to these latest moves, Tesla held around 9,720 BTC, or around $650 million. According to data compiled by Arkham Research, the real number is closer to 11,509 BTC.
The electric car maker is the third-largest Bitcoin holder among public companies behind MicroStrategy and MARA, formerly known as Marathon Digital. Interestingly, Musk’s space exploration company, SpaceX, reportedly owns around 8,285 coins.
While the motivation behind Tesla’s most recent Bitcoin wallet activity is unclear, it has not stopped speculation within the crypto community. Some analysts believe it could be preparing for another major sale, similar to its previous divestments in 2021 and 2022.
Tesla’s history with Bitcoin has been marked by notable transactions. In the first quarter of 2021 alone, the company sold $272 million worth of Bitcoin, making a profit of $128 million after a bull run saw Bitcoin prices reach nearly $62,000. Later, during the second quarter of 2022, Tesla sold $936 million worth of Bitcoin, realizing $64 million in gains despite bear market sentiment.
