Almost all of Tesla’s Bitcoin is back in action after two years of inactivity.
A wallet associated with Elon Musk’s electric car company labeled by Arkham Intelligence moved about $765 million worth of Bitcoin (all but about $6 worth) to an unknown wallet on Tuesday. Ta. There is no immediate indication that Tesla plans to sell Bitcoin, as the wallet appears to be new and has no known connections to cryptocurrency exchanges.
Decrypt reached out to Tesla for comment and confirmation, but did not immediately receive a response.
Tesla first revealed that it had acquired $1.5 billion worth of Bitcoin in 2020, but did not hold that amount for long. The company sold approximately 10% of its hidden assets in the first quarter of 2021, and then sold approximately 75% of its remaining holdings in July 2022, at a price of approximately That’s a significant drop from $69,000. At the time of this sale, Bitcoin was worth only around $24,000.
However, the company continued to hold the remaining shares, and their value has increased significantly since then, considering Bitcoin’s current price is around $66,500.
Tesla has built a complex relationship with Bitcoin that goes beyond buying and selling. Tesla announced it would accept Bitcoin for car payments in 2021, but Musk halted the move two months later, citing the environmental impact of Bitcoin mining.
Musk, an avid fan of the meme coin Dogecoin, said the company would consider resuming Bitcoin payments once Bitcoin mining is largely powered by green energy in 2021. The company hasn’t done that yet.
Editor’s note: This article was updated with additional details after publication.
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