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Tesla Moves 11,500 Bitcoins: What Does It Mean?

Tesla unexpectedly moved all of its Bitcoin, worth more than $772 million, to several unknown wallets.

By Mike Hesp
• 2 min read
Tesla Moves 11,500 Bitcoins: What Does It Mean?

Tesla unexpectedly moved all of its Bitcoin, worth more than $772 million, to several unknown wallets. This comes from new data from Arkham Intelligence.

Before these sudden transfers took place, Tesla’s Bitcoin wallet had been inactive since June 17, 2022. Now the crypto community is wondering whether Elon Musk might soon sell the 11,500 Bitcoins.

Meanwhile, Bitcoin is trading at $67,210, up 2.33% from the previous day. On Tuesday night the price even neared $68,000.

A total of 26 Bitcoin transactions were recorded from wallets attributed to Tesla. The first test transfer occurred yesterday at 22:41 (CEST). There are now only a few Satoshis left in Tesla’s original wallet, worth about $8.

Recently, Tesla CEO Elon Musk drew attention for supporting former President Donald Trump at a campaign rally. Trump is a favorite among many crypto investors. Musk allegedly donated $75 million to Trump’s campaign.

Tesla originally invested about $1.5 billion in Bitcoin in February 2021, buying roughly 43,000 BTC. Of that, the company sold 75% in Q2 2022 for about $1 billion.

Although Bitcoin hit an all-time high in March this year, it appears Elon Musk has not sold any additional Bitcoin. There is also no evidence that the moved Bitcoins were sent to a crypto exchange.

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