A massive development in the huge development of EVs. tesla company TSLA Reportedly gave away almost all of it Bitcoin BTC/USD Hidden in an unknown wallet, the CEO Elon Musk The plan was to offload the virtual currency held by the company.
what happenedOn Tuesday, a wallet labeled Tesla moved 11,500 BTC, worth $760 million in major cryptocurrencies, to multiple unidentified wallets, according to on-chain analytics firm Arkham Intelligence. As of this writing, the wallet holds $6.7 worth of assets.
Tesla did not immediately respond to Benzinga's request for clarification about the true purpose of the move.
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why is it important: Tesla's Bitcoin holdings have remained unchanged since the fourth quarter of 2022. Their Bitcoin journey began in January 2021, when they acquired their first major cryptocurrency worth $1.5 billion.
The tech giant previously accepted Bitcoin as a payment option for its vehicles before ending that practice over concerns about the energy consumption used in Bitcoin mining.
The exact amount of Bitcoin that Tesla previously purchased and currently holds is unknown to those involved, but many base their estimates on the price of Bitcoin at a given point in time.
Before the sale, Tesla had accumulated 129% unrealized gains on its Bitcoin investments, according to data from CoinGecko.
Price action: At the time of writing, BTC was trading at $66,824.86, up 1.34% in the past 24 hours, according to Benzinga Pro. Tesla stock closed 0.19% higher at $219.57 during regular trading Tuesday.
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