Jakarta, Indonesia Sentinel — Tesla, the electric vehicle company headed by Elon Musk, is believed to have sold nearly all of its Bitcoin holdings, valued at approximately $760 million or around IDR 11.78 trillion. The cryptocurrency was transferred to several unknown wallets, leading to speculation that Tesla might be offloading its Bitcoin assets.
According to Coin Desk, this transaction has prompted discussions about Tesla’s intentions regarding its Bitcoin holdings.
Data from Arkham Intelligence revealed that on Tuesday, Tesla moved over 11,500 bitcoins to anonymous wallets, leaving only a small balance of $6.65 in its related wallet.
This development is notable, as Tesla has been one of the largest corporate Bitcoin holders among publicly traded companies in the U.S.
BitcoinTreasuries data ranks Tesla as the fourth-largest Bitcoin holder among public U.S. companies, following MicroStrategy, MARA Holdings, and Riot Platforms, which are involved in Bitcoin mining.
Tesla initially invested $1.5 billion in Bitcoin in February 2021, with its holdings peaking at around $2.5 billion. However, the company sold 75% of its Bitcoin in early 2022, incurring a loss.
Arkham Intelligence, which began tracking Tesla’s Bitcoin wallet in March, reported that held about 11,509 bitcoins, worth $770 million, before the recent transfer.
Elon Musk Promises to Post Alien Evidence on X
While Elon Musk had announced plans for to accept Bitcoin as payment, those plans were scrapped due to environmental concerns. Both Tesla and SpaceX continue to hold Bitcoin as part of their financial reserves, though Musk’s personal view on the cryptocurrency remains unclear.
In a July interview on YouTube, Musk noted potential in Bitcoin and other cryptocurrencies but admitted to having a greater interest in Dogecoin.
(Becky)
