Tesla, the leading electric car manufacturer in the U.S., has discreetly transferred over $769 million worth of its Bitcoin assets to several unidentified wallets, generating speculation within the cryptocurrency community.
According to data from Arkham Intelligence, Tesla-linked wallets began executing a series of transactions on October 15, following smaller test transactions.
After these tests proved successful, the wallets moved a substantial 11,500 BTC, equivalent to $769 million, to seven unknown addresses.
This significant movement of assets has raised questions about Tesla’s future plans for its Bitcoin holdings.
This marks the first time Tesla has relocated its cryptocurrency assets since June 17, 2022.
The recent transfer has fueled speculation in the crypto industry regarding a potential sell-off by the electric car manufacturer.
Analysts are closely monitoring the situation to determine the implications for Tesla’s future involvement in the cryptocurrency market.
So far, Tesla has not issued an official statement regarding the recent transfer of its Bitcoin assets or its intentions to sell. Analysts and market watchers are now looking ahead to Tesla’s upcoming Q3 earnings report, scheduled for release on October 23, for potential insights or comments on this development.
On X, one observer speculated that Tesla’s recent move may not indicate a sale, but rather an effort to take direct custody of its Bitcoin holdings. They suggested that this could signal a potential reactivation of Bitcoin payments by the company. The use of a legacy address format—typically not employed by exchanges for immediate transactions—was highlighted as a key indicator supporting this theory.
At that time, Musk stated that the move was intended to demonstrate how easily Bitcoin could be liquidated without significantly affecting the market.
Shortly thereafter, Tesla CEO announced that the company would begin accepting Bitcoin as payment for its vehicles.
However, just a few months later, in May 2021, Tesla suspended this payment option, citing increasing concerns about the environmental impact of Bitcoin mining, particularly its reliance on fossil fuels like coal for energy.
Elon Musk’s other company, SpaceX, continues to hold its Bitcoin assets, which are currently valued at 8,285 Bitcoin, amounting to over $556 million.
