Tesla Moves $765 Million Worth of Bitcoin to Unknown Wallets

Tesla, the electric car company headed by Elon Musk, has moved nearly all of its Bitcoin holdings—approximately $765 million worth—to unknown wallets, according to blockchain data provided by Arkham Intelligence. The transfer, which took place on Tuesday, leaves only about $6 worth of Bitcoin in Tesla's previously known wallets.

While the reason for the move remains unclear, the new wallets are not linked to any major crypto exchanges, suggesting that Tesla isn't preparing for an immediate sale of its Bitcoin. Tesla has not yet responded to requests for comment.

Tesla originally revealed in 2020 that it had purchased $1.5 billion in Bitcoin, making waves in the corporate world. However, the company sold a portion of its holdings in 2021 and then sold 75% of its remaining Bitcoin in July 2022, during a significant price drop. The remaining Bitcoin, which Tesla continues to hold, has increased in value as Bitcoin’s price has since risen to around $66,500.

The relationship between Tesla and Bitcoin has been a topic of ongoing interest. In 2021, Tesla briefly accepted Bitcoin as payment for its vehicles, only to reverse the decision shortly afterward due to concerns about the environmental impact of Bitcoin mining. Musk later suggested that Tesla could resume accepting Bitcoin payments once mining becomes more sustainable, but no such move has been made so far.

For more details, check out the original report on Decrypt.