Bitcoins
- Tesla transferred around US$765 million worth of Bitcoin to new, undisclosed wallets, its first activity in two years.
- While these wallets are not connected to crypto exchanges, indicating no immediate plans to sell, the move has sparked curiosity about Tesla’s future plans for its Bitcoin holdings.
- Tesla originally bought US$1.5 billion worth of Bitcoin in 2021, selling 10% that year and 75% in 2022.
After two years of hibernation, American EV automotive company Tesla has transferred all of its Bitcoins (BTC), valued at around US$765M (AU$1.14B).
Tesla originally bought US$1.5B (AU$2.25B) worth of BTC in 2021, but has sold significant portions since then. First, the company sold 10% of its Bitcoin in the same year and a year later sold 75% of what was left of its stash, putting more pressure on an already-hit Bitcoin.
Despite these sales, Tesla held onto some Bitcoin. This particular move comes as Bitcoin recently surged to US$66,857 (AU$100,112), causing Teslas’ holdings to appreciate over time.
This recent price boost represents a 1.36% increase in the daily chart and just slightly above 13% in the last 30 days. According to a CoinGecko report, the coin’s “modest” growth was no match for other emerging assets like Gold, which netted over 14% amid concerns of a potential economic slowdown.
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Moving back to Tesla, these Bitcoin transfers were detected by Arkham Intelligence, which tracks wallets associated with Tesla.
I guess it’s a good sign that the Bitcoins were moved to unknown wallets unrelated to crypto exchanges, suggesting Tesla isn’t planning to sell it (at least not immediately).
Tesla has had a complex relationship with Bitcoin. In 2021, it initially announced it would accept Bitcoin for car payments but later backtracked due to “environmental concerns” over Bitcoin’s high energy usage.
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While Elon Musk suggested Tesla would resume Bitcoin payments once mining became “more sustainable”, the company has not made any moves in that direction since.
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