[NEWS] Tesla Transfers $765 Million Worth of Bitcoin to an Unknown Wallet

Tesla, led by Elon Musk, has transferred $765 million (approximately ¥111.7 billion) worth of Bitcoin (BTC) to an unknown wallet, catching the attention of the cryptocurrency industry as the intent behind the move remains unclear.

Despite the large-scale cryptocurrency transfer, Tesla has yet to issue an official statement.

According to data from Arkham Intelligence, the transfer included 11,500 BTC, executed through over 26 separate transactions. This marks the first movement of Bitcoin from Tesla's wallet in nearly two years, the last being in June 2022.

As none of the funds were linked to cryptocurrency exchanges, analysts speculate that Tesla may not have sold the Bitcoin but rather moved it for strategic business purposes.

Before this transfer, the wallet had been inactive, leading to widespread speculation about Tesla's intentions.

Tesla entered the Bitcoin market in February 2021, purchasing $1.5 billion (about ¥223.5 billion) worth of cryptocurrency. Since then, Tesla has sold 4,320 BTC in 2021 and an additional 29,160 BTC in 2022, capitalizing on market fluctuations to secure profits.

Musk had initially approved Bitcoin as a payment method for Tesla cars in 2021. However, this decision was quickly reversed due to concerns about the environmental impact of Bitcoin mining.

Later, Musk stated that Tesla would reconsider accepting Bitcoin payments once at least 55% of Bitcoin mining energy usage comes from renewable sources.

In addition to Tesla, Musk’s space exploration company, SpaceX, reportedly holds 8,285 BTC, valued at over $553 million (approximately ¥82.3 billion), further highlighting Musk’s significant stake in Bitcoin.

Tesla’s Q3 financial report, scheduled for release on October 23, could reveal new strategies or approaches regarding cryptocurrency, which the industry is keenly watching.

A New Crypto Strategy for Tesla?

Despite the large Bitcoin transfer, the market remained stable, and Bitcoin continues to show bullish tendencies, rising about 2.2% in the past 24 hours, trading around $67,400 (approximately ¥10.05 million).

Tesla remains one of the top Bitcoin-holding companies, alongside industry giants like MicroStrategy, Marathon Digital, and Riot Platforms.

Though Musk is widely known for his affection for Dogecoin (DOGE), he has been more reserved about Bitcoin. In a July interview, Musk described Bitcoin as having "some merit" but stopped short of enthusiastic endorsement.

During the unveiling of Tesla’s new self-driving taxi, the "Cyber Cab," the Dogecoin symbol, a Shiba Inu dog, was prominently displayed, causing excitement within the Dogecoin community.

Should this recent Bitcoin transfer signal a reintroduction of Bitcoin payments at Tesla or the launch of new business strategies offering more options to users, the cryptocurrency industry could see further momentum.

Reference: Arkham
Image: Shutterstock

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