Tesla Bitcoin Transfers $770 Million to New Addresses

Key Points:

• Tesla Bitcoin transfers 11,509 BTC to new addresses, possibly representing its entire Bitcoin treasury.
• Tesla’s Bitcoin stash has decreased from a peak of 43,000 BTC to around 9,720 BTC, currently valued at $650 million.
• Tesla ranks as the third-largest Bitcoin holder among publicly traded firms, with SpaceX also holding an estimated 8,285 BTC.

According to analytics firm Arkham Research, Tesla-the Elon Musk-helmed electric vehicle giant-Tesla Bitcoin transferred 11,509 BTC, worth some $770 million, to new addresses.

Tesla Bitcoin Transfers 11,509 BTC Worth $770 Million to New Addresses

Tesla Bitcoin transfers occurred in an hour and mark the new milestone of Tesla, that topped headlines with a $1.5 billion investment in Bitcoin back in February 2021. Tesla Bitcoin transfers saw about $770 million in Bitcoin relocate to roughly seven new addresses. Before this, Tesla performed six test transactions, showing it hadn’t touched its Bitcoin wallets since liquidating most of its holdings at the beginning of 2022.

As of October 15, Tesla had in its possession some 9,720 BTC, or roughly $650 million, versus a peak of 43,000 BTC. However, Arkham Research indicates Tesla still controls as many as 11,509 BTC, stretched across 68 addresses. Meanwhile, according to BitcoinTreasuries, its space company SpaceX is holding an estimated 8,285 Bitcoins.

Read more: Tesla Bitcoin Holding Still Maintained Amidst Q1 2024

Elon Musk’s Tesla Remains a Major Bitcoin Player

This makes Tesla the third-largest Bitcoin holder among publicly traded companies, behind only MicroStrategy and Marathon Digital Holdings – formerly known as MARA. More importantly, though, Tesla has not written off Bitcoin as a means of paying for its vehicles.

In early 2021, Musk gave the green light to sell $272 million worth of Bitcoin and netted a profit of $128 million after prices surged near $62,000. In Q2 2022, Tesla sold an additional $936 million worth of Bitcoin and generated $64 million in profits. After these sales, the price of Bitcoin fell about 1.7%.