Elon Musk’s Tesla has moved its entire Bitcoin (BTC), which is worth over $765M, into different unknown wallets. The Bitcoin stash has been dormant since June 2022.
According to several X posts, the electric vehicle producer transferred its entire Bitcoin holdings in 26 transactions on October 15.
At press time, Tesla has not disclosed what it intends to use the transferred funds for or whether it is still in custody of the Bitcoin.
Tesla Moved 11500 BTC Worth Over $765M To Several Unknown Wallets
According to Arkham Intelligence, a decentralized on-chain intelligence platform, Tesla, the popular EV maker, has moved almost all of its entire 11,500 BTC holdings, which were worth over $765M, across 26 transactions to several different unknown wallets.
Tesla moved all the Bitcoins on Tuesday, October 15.
The platform revealed that Tesla first made a test transfer on October 15 at 8:41 pm UTC, and Tesla’s wallet currently holds less than $7 worth of Bitcoin.
Arkham Intelligence further revealed that this movement was the first fund transfer from Tesla’s Bitcoin wallet in two years. Tesla’s Bitcoin wallet has been dormant since June 17, 2022.
What’s The Purpose Of The BTC Transfers?
Prior to the Bitcoin transfers, Tesla did not publicly disclose its plans to move its Bitcoin. Even after the transfer, the firm has not publicly revealed its reason for the transfer or what it intends to do with the transferred funds.
More so, there are no signs that Tesla moved the Bitcoin to cryptocurrency exchanges, which makes it difficult to ascertain whether Tesla is still in control of the 11,500 BTC or not.
However, if Tesla still has the custody of the BTC stash, then the EV firms will be the fourth-largest BTC holder among publicly-traded firms. MicroStrategy, the famous business intelligence firm, comes first, followed by Marathon Digital mining firm and Riot Platforms mining firm.
Details on Tesla’s BTC transfers may be disclosed in the firm’s third-quarter financial reports after the market closes on October 23.
Nevertheless, SpaceX, Elon Musk’s spacecraft manufacturer, still holds 8,285 BTC, which is worth over $553M. This makes SpaceX the seventh-largest BTC holder among private firms.
Crypto Market Remained Unshaken
Tesla’s BTC transfers have no significant effect on the crypto market. Despite the transfers, Bitcoin’s price is moving closer to the key resistance level of $69K.
According to Tradingview, Bitcoin (BTC) is trading at about $67,125 at press time, up 1.3% over the last 24 hours.
Strong ETF inflows and bullish market sentiment triggered this increase in price.
Aside from the BTC transfer from Tesla, the Ethereum co-founder, Vitalik Buterin, also reportedly converted a large number of meme coins into Ether for charity donations. This also has no significant impact on the crypto market.
