Tesla transfers its entire $770 million Bitcoin holdings into unidentified wallets, sparking speculation that Elon Musk has decided to sell off all of this cryptocurrency.
According to Arkham Intelligence, a company that tracks cryptocurrency data, an account linked to Tesla has transferred more than 11,500 Bitcoins into several wallets with unknown owners. Currently, Elon Musk’s company’s wallet holds only 6.65 Bitcoins – an amount deemed to be ‘basically nothing.’
Donald Trump and Elon Musk in Butler, Pennsylvania on May 5. Photo: AP
Before transferring the Bitcoin, Tesla was the fourth-largest publicly traded company in the U.S. holding Bitcoin, according to data from BitcoinTreasuries. The top three companies are software firm MicroStrategy, Mara Holdings, and Riot Platforms.
Tesla has not yet commented.
Tesla had purchased Bitcoin worth $1.5 billion in February 2021, with its value at one point rising to more than $2.5 billion. However, the electric car company sold 75% of its Bitcoin in 2022. The remainder was estimated by Arkham Intelligence to be 11,509 Bitcoins, equivalent to $770 million.
In the past, Musk frequently expressed interest in cryptocurrencies. In 2021, he announced that Tesla would soon accept Bitcoin payments but later canceled this plan, citing ‘environmental concerns.’ He also used to support Dogecoin, but no longer mentions this cryptocurrency.
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