coinspress.com
Almost all of Tesla's Bitcoin has been transferred after a two-year period of inactivity.
On Tuesday, wallets identified by Arkham Intelligence as belonging to Elon Musk’s electric vehicle company moved approximately $765 million worth of Bitcoin to undisclosed wallets, leaving only about $6 behind. These new wallets do not appear to be linked to any cryptocurrency exchanges, leading to speculation that Tesla may not be planning to sell the Bitcoin anytime soon.
Decrypt reached out to Tesla for confirmation but has yet to receive a response.
In 2020, Tesla revealed it had acquired $1.5 billion in Bitcoin but quickly reduced its holdings. The company sold around 10% of its Bitcoin in the first quarter of 2021 and disposed of approximately 75% of the remainder in July 2022 when Bitcoin’s price had plummeted from its then-record high of nearly $69,000 in November 2021 to around $24,000.
Since then, the value of the remaining Bitcoin has increased significantly, with the current price hovering around $66,500.
Tesla’s relationship with Bitcoin has been complicated. In 2021, the company announced it would accept Bitcoin as payment for vehicles but reversed that decision just two months later, citing concerns over the environmental impact of Bitcoin mining. Musk has expressed interest in resuming Bitcoin transactions once a significant portion of Bitcoin mining is powered by renewable energy, but that has yet to materialize.