Is Elon Musk Selling Bitcoin? Tesla Transfers All $760M of Its BTC to Unknown Wallets.
On-chain data shows wallets associated with Elon Musk's electric car company have been emptied.
Elon Musk's Tesla, one of the biggest corporate owners of bitcoin (BTC), transferred all $760 million worth of the cryptocurrency that it owns to unknown wallets, raising the possibility the carmaker is selling.
Wallets associated with the electric car manufacturer began moving funds to unknown wallets on Tuesday, according to crypto data firm Arkham Intelligence.
Tesla is the fourth-biggest holder of bitcoin among publicly traded U.S. companies in the U.S, per BitcoinTreasuries data. Only software company MicroStrategy and bitcoin mining firms Marathon Holdings and Riot Platforms have larger stockpiles.
Tesla bought $1.5 billion worth of bitcoin in February 2021, but has sold most of its holdings over the years. When Arkham Intelligence added the car maker's bitcoin wallet tracking feature to its dashboard in March, it held about 11,509 bitcoin, worth roughly $770 million.
Musk had also previously announced that the company would soon accept payments made with bitcoin, but the plans were dropped shortly after due to environmental concerns.
Besides some of Musk's companies – including Tesla and SpaceX – that hold bitcoin on their balance sheets, it is unclear how much the X (formerly Twitter) owner believes in the token himself. In an interview broadcast on YouTube in July, Musk said that he thinks "there's some merit in bitcoin, and maybe some other crypto," but that his soft spot was for dogecoin (DOGE).
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