On October 15, Tesla transmitted $765 million in Bitcoin (11,500 BTC), resulting in a balance of only $6.68 in its wallet.
Tesla, a company that specializes in the production of electric vehicles, has transferred its entire Bitcoin holdings, which amount to over $765 million, to an undisclosed number of wallets.
On October 15, Arkham Intelligence reported that Tesla’s cryptocurrency purses were responsible for the transfer of 11,500 Bitcoin across 26 transactions, including test transfers.
The initial test transfer was conducted on October 15 at 8:41 pm UTC, and the wallet currently contains only $6.68 value of Bitcoin. Tesla’s Bitcoin wallet had been inert since June 17, 2022, prior to the substantial transfer volume that transpired.
The status of the Bitcoin transfer to Bitcoin exchanges remains uncertain, and Tesla has not disclosed its intentions to liquidate its cryptocurrency assets. It is uncertain whether Tesla continues to possess the 11,500 Bitcoin, which would rank as the fourth-largest Bitcoin holding among publicly traded businesses, following the top business intelligence firm MicroStrategy, Bitcoin miners Marathon Digital, and Riot Platforms, according to data from Bitcoin Treasuries.
Tesla did not respond to the inquiry immediately after receiving a request for comment on the transactions. In February 2021, Tesla’s initial acquisition of Bitcoin was for $1.5 billion.
Following this, it sold 29,160 BTC in 2022 and 4,320 BTC the following month. Tesla’s CEO, Elon Musk, acknowledged that the company briefly accepted Bitcoin as payment for its automobiles in March 2021. However, he later reversed his stance on the matter.
In spite of this, SpaceX, Musk’s company that manufactures spaceships, continues to possess 8,285 Bitcoin, which are in excess of $553 million. SpaceX is now the seventh-largest private corporation in terms of the quantity of Bitcoin it possesses.
Tesla may disclose information regarding its Bitcoin transfers and whether or not it sold its stack when it reveals its financial results for the third quarter after the market closes on October 23.
Tesla’s transfers have not had an impact on the price of Bitcoin, which is currently trading at $66,790, with a 1% increase over the past twenty-four hours, according to CoinGecko.
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