Tesla Transfers Bitcoin Holding To A Digital Wallet

Yolowire 16-Oct-2024 10:07 AM

Electric vehicle maker %Tesla (NASDAQ:TSLA) has transferred its %Bitcoin (CRYPTO: BTC) holding worth $760 million U.S. to an unknown digital wallet, raising speculation that a sale is imminent.

The move is noteworthy as Tesla is one of the biggest corporate owners of Bitcoin in the world, and a sale of its holding could influence other investors and crypto prices.

Tesla has moved more than 11,500 Bitcoin to wallets whose ownership is unknown, according to crypto tracker Arkham Intelligence.

Tesla is currently the fourth largest corporate owner of Bitcoin among publicly traded U.S. companies, according to industry data.

Only software company %MicroStrategy (NASDAQ:MSTR) and Bitcoin mining firms %MARAHoldings (NASDAQ:MARA) and %RiotPlatforms (NASDAQ:RIOT) have larger holdings of the leading cryptocurrency.

Tesla initially bought $1.5 billion U.S. worth of Bitcoin in 2021, and at some point owned as much as $2.5 billion U.S. worth of BTC.

However, the automaker sold 75% of its Bitcoin holding in early 2022 at a loss.

Tesla chief executive officer (CEO) Elon Musk said back in 2021 that the company would accept Bitcoin payments for its electric vehicles, but those plans never materialized.

It is not clear when or if Tesla will sell its remaining Bitcoin. However, crypto investors typically move their assets to digital wallets ahead of any sale taking place.

Bitcoin is currently trading at $67,800 U.S., having risen 54% so far this year.