Key Points
- Tesla transferred 11,509 BTC worth around $778 million to new wallets.
- The moves come after 2 years of dormancy, sparking debates on X.
According to on-chain data, Tesla moved all its Bitcoin holdings to new unknown wallets. The company has moved 11,509 BTC worth around $778 million at current prices.
Tesla Moves Its Bitcoin Holdings Following 2 Years of Dormancy
Arkham Intelligence shared a post via X on October 15, highlighting that Tesla started moving its Bitcoin holdings for the first time following 2 years of inactivity.
Following the first transfers, Tesla continued and moved significant amounts totaling $225 million in BTC yesterday, according to the same on-chain data.
Tesla continued its moves and sent another $275 million in BTC to new wallets. The last transfer highlighted by Arkham totaled $260 million in BTC.
Tesla’s BTC Moves Trigger Debates on X
Tesla’s Bitcoin moves triggered debates online, with people wondering whether Elon Musk plans to sell his BTC holdings.
CryptoQuant’s CEO, Ki Young Ju, also mentioned the transfers made by the company yesterday, saying that it was unclear whether the moves were internal shuffling or selling.
According to him, even if Tesla sold their Btcoins, the impact would be more than half of the German Government’s moves. Yesterday, he noted that the government’s realized profit was $816 million, while Tesla’s was $515 million as of October 15.
However, there are signs that the new wallets belong to Tesla itself.
The New Wallets Might Belong to Tesla
Spot on Chain platform highlighted that the company has eventually transferred all its Bitcoin holdings: 11,509 BTC. The amount is worth around $778 million at current prices.
Earlier today when the platform shared the post via X, the total amount was worth around $772 million. They also noted that Tesla might have just moved its holdings to new wallets that belong to the company.
Spot on Chain made a valid point in suggesting that these wallets belong to Tesla, and mentioned Musk’s stance on Bitcoin.
They brought up some older posts dating to 2020 and 2022 shared by Musk via X. In one post on December 20, 2020, Musk was saying that Bitcoin is his safe word. The same day he shared another post that stated that “Bitcoin is almost as bs as fiat money.”
On March 14, 2022, Musk noted that it’s generally better to own physical things like a home or company stocks that could make good products, compared to owning dollars when inflation is high.
However, he finished his post by saying that he still owned and would not sell his Bitcoin, Ethereum, or Doge.
At the moment, we can’t say for sure whether Tesla moved its Bitcoin holdings to its new wallets, but the possibility is a viable one.
Tesla, the 4th Biggest Bitcoin Holder
Current data from Bitcoin Treasuries shows Tesla being the fourth biggest Bitcoin holder among all the public-listed companies. The company is listed as having 9,720 BTC and a market cap of over $768.7 million.
MicroStrategy, Marathon Digital, and Riot Platform are ahead of Tesla with over 252,220, 26,842, and 10,427 BTC respectively.
The listed data has not been updated yet for Tesla. The company bought $1.5 billion worth of Bitcoin in February 2021, and at some point, it owned $2.5 billion, according to Arkham data. The firm sold 75% of its holdings in 2022 at a loss.
