Prior to the mass transfer, Tesla’s Bitcoin wallet had been dormant since June 2022, Cointelegraph reported.
Electric car maker Tesla has moved all of its Bitcoin holdings of more than $765 million to multiple unknown wallets.
According to Arkham Intelligence, a crypto wallet marked as owned by Tesla moved 11,500 bitcoins held by the company on October 15 through 26 transactions, including a test transfer.
The first test transfer took place on October 15 at 8:41 PM UTC, and the wallet currently holds only $6.68 worth of Bitcoin.
Prior to this sudden batch transfer, Tesla's Bitcoin wallet had been dormant since June 17, 2022.
There is no indication that the bitcoins have been sent to crypto exchanges, and Tesla has not publicly disclosed any plans to sell its crypto assets.
It’s unclear whether Tesla still controls the 11,500 bitcoins, which make it the fourth-largest bitcoin holder among public companies, according to Bitcoin Treasury data, behind business intelligence company MicroStrategy and bitcoin miners Marathon Digital and Riot Platforms.
Tesla did not immediately respond to a request for comment on the transfer.
Tesla first purchased Bitcoin in February 2021, acquiring $1.5 billion worth of the cryptocurrency.
The following month, it sold 4,320 BTC, and in 2022 it sold another 29,160 BTC.
Tesla CEO Elon Musk briefly accepted Bitcoin as a payment method for company vehicles in March 2021, but reversed the decision a few weeks later.
Musk’s aerospace manufacturing company SpaceX still holds 8,285 bitcoins, worth more than $553 million, making it the seventh-largest bitcoin holder among private companies.
Details about Tesla’s bitcoin transfers — and whether it sold its holdings — will likely be revealed when the company releases third-quarter financial results after the market closes on Oct. 23.
Tesla’s transfer did not affect the price of Bitcoin, which is currently trading at $66,790, up 1% in the past 24 hours, according to CoinGecko.
