In a surprising move, Tesla transferred 11,500 Bitcoin to multiple wallets, raising speculation that the electric car giant might be planning to sell its holdings. This comes as Bitcoin surged to a price of $67,000, marking a significant price increase in just 24 hours.
Tesla, a car manufacturer firm, is well known for its involvement with Bitcoin. In February 2021, the company made headlines when it purchased $1.5 billion worth of Bitcoin and briefly accepted the cryptocurrency as payment for its vehicles. Although Tesla later reversed its decision to accept Bitcoin for payments, citing environmental concerns, it retained a significant portion of its holdings. The company sold 4,320 Bitcoin shortly after its purchase and later offloaded 29,160 BTC in 2022.
Until now, Tesla had not moved any Bitcoin in two years. However, the recent activity saw 26 transactions conducted, transferring all 11,500 BTC to different, unidentified wallets.
TESLA MOVING BITCOIN FOR THE FIRST TIME IN 2 YEARS pic.twitter.com/yN6QbBkUtm
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— Arkham (@ArkhamIntel) October 15, 2024
According to Arkham Intelligence, none of the wallets receiving Tesla’s Bitcoin are linked to any crypto exchanges. This suggests that Tesla is not immediately planning to sell its holdings on the open market. Some speculate that Tesla could be planning to use peer-to-peer (P2P) trading methods to sell its Bitcoin, avoiding the traditional exchange platforms and potentially minimising market impact.
No official statement has been issued by Tesla or its CEO, Elon Musk, regarding the movement of this large Bitcoin sum. Some observers believe the company may be preparing to divest from Bitcoin at a time of favourable market conditions, while others argue that the transactions might simply represent internal reorganisation or security measures.
SpaceX Still Holds Bitcoin
It’s worth mentioning that Elon Musk’s other company, SpaceX, still holds 8,285 Bitcoin, which at the current trade price of $67,000, amounts to over $553 million. This makes SpaceX the seventh-largest private firm holding Bitcoin globally. Tesla’s movement of its Bitcoin stash has raised questions about whether SpaceX might follow a similar path in the future.
Read also: TikTok Accused of Running Illegal Crypto Exchange in the UK
Elon Musk’s Tesla Moves 11,500 Bitcoin as Bitcoin Hits $67k Price Level
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