Tesla Moves $765 Million in Bitcoin to Unknown Wallets After Two Years of Inactivity

• Tesla moved 11,500 Bitcoin worth $765 million to unknown wallets after being inactive since June 2022.
• Tesla’s Bitcoin transfers involved 26 transactions, with no signs of a sale to crypto exchanges as of yet.
• Tesla’s third-quarter financial results may reveal more about its Bitcoin holdings following the recent large transfers.

Tesla, the electric vehicle manufacturer, has moved nearly all of its Bitcoin holdings, totaling $765 million, to unknown wallets. Data from Arkham Intelligence shows that 11,500 Bitcoin were transferred on October 15 across 26 transactions, including smaller test transfers. These wallets, which are linked to Tesla, had been dormant since June 2022 before the sudden movement of assets.

The transfers raise questions about Tesla’s plans for its Bitcoin stash, as there is no evidence the funds have been sent to exchanges for selling. Tesla has not publicly disclosed any details about the transfer or any plans to sell.

Dormant Wallets Spring to Life

Tesla’s Bitcoin wallets had been inactive for over a year, with no transactions occurring since mid-2022. The first test transfer, involving a small amount of Bitcoin, occurred at 8:41 pm UTC on October 15, with the remaining Bitcoin moved shortly after. Interestingly, these funds were transferred to wallets not associated with known crypto exchanges, leaving the final destination unclear.

While the funds have moved, Tesla’s continued control over Bitcoin remains uncertain. Prior to these transactions, Tesla ranked as the fourth largest Bitcoin holder among publicly traded companies. It trailed only MicroStrategy and Bitcoin mining companies Marathon Digital and Riot Platforms.

Tesla’s History with Bitcoin

Tesla’s relationship with Bitcoin has been eventful since its initial $1.5 billion purchase of the cryptocurrency in February 2021. Shortly after the purchase, Tesla sold 4,320 BTC and continued trimming its holdings with a major sale in 2022, where the company offloaded 75% of its remaining Bitcoin. This left Tesla with approximately 11,500 BTC until the recent transfers.

Notably, Tesla also briefly accepted Bitcoin as a payment method for its vehicles in March 2021. However, CEO Elon Musk reversed the decision, citing environmental concerns over Bitcoin mining’s energy consumption. Musk suggested the company might reconsider if Bitcoin mining relied on renewable energy, but the payment option has yet to return.

Awaiting Tesla’s Next Move

Tesla’s third-quarter financial results, scheduled for release on October 23, may offer more insight into the company’s intentions. As of now, there is no confirmation that the transferred Bitcoin has been sold, and no information has been shared regarding Tesla’s future plans with its crypto assets. Tesla’s connection to Bitcoin remains significant, as SpaceX, Musk’s other venture, continues to hold over 8,200 BTC.