Electric vehicle leader Tesla has transferred its entire Bitcoin (BTC) holdings, worth about $765 million, to a series of unidentified wallets, raising questions about the company's cryptocurrency strategy. .
The transfer contained 11,500 Bitcoins and was moved to multiple new addresses in 26 separate transactions, according to data from Arkham Intelligence. Despite the large-scale migration, the funds are not linked to any cryptocurrency exchanges, indicating that Tesla may not liquidate Bitcoin at this time.
The move marks the first time activity in Tesla's Bitcoin wallet has been observed since June 2022. Prior to the transfer, the wallet was dormant, leading many industry observers to speculate about the company's plans.
Tesla first entered the Bitcoin market in February 2021, purchasing $1.5 billion worth of the cryptocurrency. In the months that followed, the company sold some of its holdings, including 4,320 BTC in early 2021 and another 29,160 BTC in 2022.
CEO Elon Musk briefly allowed Bitcoin as a payment option for Tesla cars in 2021, but the decision was quickly reversed due to environmental concerns. However, he later said on social media that the company would accept BTC payments again once 55% of the electricity used for the network came from renewable sources.
The move has reignited speculation, but the company has yet to issue an official statement regarding the move. SpaceX, another of Musk's ventures, continues to hold 8,285 BTC worth more than $553 million, making it one of the largest private Bitcoin holders.
Further insight into Tesla's Bitcoin strategy may be revealed in the company's third quarter financial report, expected on October 23rd.
The market reaction to Tesla's latest Bitcoin activity has been minimal, with the flagship cryptocurrency continuing to show bullish signs as markets remain optimistic about rising prices.
At the time of writing, Bitcoin was trading at $67,270, up 2.2% in the past 24 hours, based on data from CryptoSlate.
