Tesla moves $760M in Bitcoin
Tesla, led by Elon Musk, has made its first Bitcoin-related move in two years, transferring all of its holdings—valued at $760 million—to anonymous wallets.
This sudden activity has sparked widespread curiosity and speculation about the company’s intentions. Could Tesla be gearing up for a massive sale, or is it taking precautionary steps to secure its assets?
According to Arkham Intelligence, the company conducted multiple large transfers in rapid succession, including transactions of $75 million, $76 million, and $77 million.
These funds, sent to unidentified wallets, have raised questions about the motive behind Tesla’s actions.
Following the initial transfers, the rest of Tesla’s Bitcoin was distributed in smaller amounts, including a notable $102 million transfer.
The total Bitcoin was moved into seven different wallets, each holding substantial amounts ranging from $73 million to $141 million.
Given Bitcoin’s recent rally, which has brought its price close to $67,000, the market is on edge. If Tesla plans to sell, it could apply significant downward pressure on Bitcoin’s value.
However, some believe Tesla might execute any potential sale through an over-the-counter (OTC) trade to avoid causing market disruption.
Elon Musk has yet to comment on the move, leaving room for numerous theories. Some suggest Tesla may simply be enhancing its security by dividing its Bitcoin holdings among multiple wallets to mitigate the risk of hacking.
Others suspect a larger strategy may be at play, with a potential sale looming on the horizon.
With Bitcoin approaching its all-time high of $73,000, Tesla’s next step could be critical for the market’s direction.
