Tesla,theelectricvehicleleader,hastransferreditsentireBitcoin(BTC)holdings,worthapproximately$765million,toaseriesofunidentifiedwallets,raisingquestionsaboutthecompany’sstrategytowardcrypto.
AccordingtoArkhamIntelligencedata,thetransfersinvolved11,500Bitcointhatweremovedover26distincttransactionstomultiplenewaddresses.Despitethelarge-scaleshift,thefundshavenotbeenlinkedtoanycryptoexchanges,indicatingthatTeslamaynotbeliquidatingitsBitcoinatthistime.
ThemovemarksthefirsttimeTesla’sBitcoinwallethasseenactivitysinceJune2022.Priortothetransfers,thewallethadbeendormant,leavingmanyindustryobserverstospeculateonthefirm’splans.
TeslafirstenteredtheBitcoinmarketinFebruary2021,purchasing$1.5billionworthofthecrypto.Inthemonthsfollowing,thecompanysoldportionsofitsholdings,including4,320BTCinearly2021andanadditional29,160BTCin2022.
CEOElonMuskbrieflyallowedBitcoinasapaymentoptionforTeslavehiclesin2021,butthedecisionwasquicklyreversedduetoenvironmentalconcerns.However,helaterstatedonsocialmediathatthefirmwouldacceptBTCpaymentsagainonce55%ofthepowerusedforthenetworkcamefromrenewablesources.
Thelatesttransferhasreignitedspeculation,butthecompanyhasyettomakeapublicstatementaboutthemovement.Musk’sotherventure,SpaceX,continuestohold8,285BTC,valuedatover$553million,makingitoneofthelargestprivateBitcoinholders.
FurtherinsightintoTesla’sBitcoinstrategymayemergeduringthecompany’sthird-quarterfinancialreport,expectedonOct.23.
ThemarketresponsetoTesla’slatestBitcoinactivityhasbeenminimal,withtheflagshipcryptocontinuingtodisplaybullishsignsamidsustainedmarketoptimismforhigherprices.
Asofpresstime,Bitcoinwastradingat$67,270,up2.2%overthepast24hours,basedonCryptoSlatedata.
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