Tesla, the electric vehicle titan led by Elon Musk, has moved its entire stash of 9,720 Bitcoins – valued at over $760 million – to new, unidentified wallets. This important decision, reported by blockchain analysis firm Arkham Intelligence, has sparked much speculation within the BTC community.
The rationale for Tesla’s recent BTC transfer is currently unclear. Analysts are wondering whether the move signals an intention to sell its holdings, acquire more BTC or possibly reinstate payments for Tesla vehicles – a feature hinted at in the company’s software updates last year. However, no definitive evidence supporting any of these theories has yet surfaced.
Did Tesla sell its Bitcoin?
Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, noted that it is unclear whether Tesla’s action represents an internal portfolio restructuring or a prelude to a sale. He pointed out: “Tesla has moved Bitcoin to other wallets. It is still unclear whether this is an internal reshuffle or a sale. Even if they sold, the impact would be slightly more than half that of the German government. Their realized profit was $816 million, while Tesla’s is $515 million as of today.
Similarly, on-chain analytics firm Spot On Chain suggested that transferred BTC was likely moving to new wallets still under Tesla’s control. They pointed out that the portfolios had been dormant for two years prior to this activity and highlighted the possibility of routine internal adjustments.
“Tesla moved all BTC to 7 new wallets 4 hours ago after 2 years of dormancy. Note that these are likely just new wallets owned by Tesla. Elon Musk has stated that BTC is his “safe word” and that he still owns and will not sell his Bitcoin, Ethereum or Dogecoin,” the company wrote via X.
Adding context to the speculation, Elon Musk’s past statements reflect a complex relationship with Bitcoin. In December 2020, he called Bitcoin a “safe word”, hinting at a personal affinity for the digital asset. Later, in March 2022, Musk mentioned that he still owns and has no plans to sell his Bitcoin, Ethereum, or Dogecoin holdings, particularly to protect against high inflation. Despite these claims, Musk has also expressed skepticism, once stating that “Bitcoin is almost as stupid as fiat currency.”
However, crypto analyst Fejau questions the idea that Tesla is preparing to sell its BTC holdings. He argued that it would be illogical for Musk, a supporter of President Donald Trump who wants to establish a “strategic stockpile of Bitcoin,” to liquidate such assets shortly before an election. “Why would Elon, a major Trump campaign supporter who is very pro crypto, decide to destroy Tesla Bitcoin holdings 30 days before the election. There is a significant lack of critical thinking here,” he says.
Conversely, WhaleWire CEO Jacob King speculated that Tesla was selling its BTC in an over-the-counter (OTC) transaction, indicating a potential liquidation of its holdings. “Tesla just moved a whopping $760 million worth of Bitcoin in an OTC deal – looks like they’re dumping,” he said via X.
At press time, BTC was trading at $67,101.
Featured image from iStock, chart from TradingView.com
