[NEWS] Tesla, which moved $765 million worth of Bitcoin, keeps all of it instead of selling it

Tesla, led by Elon Musk, suddenly moved $765 million worth of Bitcoin (BTC) to an unconfirmed wallet recently. This has affected the price of Bitcoin, raising concerns about increased selling pressure.

However, according to blockchain analysis company Arkham Intelligence, Tesla moved a large amount of Bitcoin for wallet management reasons, and it has been revealed that it still holds all of its Bitcoin.

In a series of transfers, Tesla distributed its 11,509 BTC holdings across seven wallets. The largest wallets are 2,109.3BTC (equivalent to approximately 21.3 billion yen), 1,900BTC (equivalent to approximately 19.2 billion yen), 1,800BTC (equivalent to approximately 18.1 billion yen), 1,700BTC (equivalent to approximately 17.4 billion yen), 1,600BTC (equivalent to approximately 16.4 billion yen), 1,300BTC (equivalent to approximately 13.3 billion yen), and 1,100BTC (equivalent to approximately 11.1 billion yen).

Tesla is one of the top four companies in the world in terms of Bitcoin holdings, but there is no detailed explanation for this wallet transfer. Some speculate that it may have been moved to a custodian in order to obtain a loan using Bitcoin as collateral.

Possibility of selling Bitcoin?

Currently, Tesla is said to be storing Bitcoin in Coinbase Prime Custody. Since purchasing $1.5 billion (approximately 228 billion yen) worth of Bitcoin in February 2021, Tesla has been actively investing in the digital asset field.

Since Musk himself is an influential figure in the cryptocurrency field, the mass movement of Bitcoin sparked speculation of a sale and created a lot of selling pressure. At one point, the price of Bitcoin fell by more than $2,000 (about 300,000 yen).

Although there has been no specific announcement, there is no sign of Tesla selling Bitcoin at the moment. Since Arcam made its comments, the price of Bitcoin has been recovering.

Musk is known for supporting Dogecoin (DOGE). The price has fluctuated wildly when he speaks about Dogecoin.

In 2021, Tesla announced that its electric vehicles would be available for purchase with Bitcoin. This caused the price of Bitcoin to soar. However, after Musk announced that he would freeze the plan until the electricity used for Bitcoin mining was converted to renewable energy, the price fell significantly when he sold some Bitcoin.

In the summer of 2022, Tesla sold 75% of its Bitcoin holdings, recording a loss of about $200 million (about 30.4 billion yen). Since then, Tesla has not touched any of its Bitcoin holdings until this week.

Reference: Arkham
Image: Shutterstock

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