Tesla, the electric car giant run by Elon Musk, has moved its entire stash of 9,720 bitcoins — valued at more than $760 million — to new, unspecified wallets. This important step, I mentioned By blockchain analytics firm Arkham Intelligence, it sparked widespread speculation within the BTC community.
The rationale behind Tesla’s recent BTC transfer is currently unclear. Analysts are debating whether the move signals an intention to sell its holdings, acquire more bitcoin, or potentially return payments for Tesla cars — a feature that was hinted at in the company’s software updates last year. However, conclusive evidence supporting any of these theories has not yet emerged.
Did Tesla sell its Bitcoin?
Ki Young Joo, CEO of on-chain analytics firm CryptoQuant, noted that it is uncertain whether Tesla’s action represents an internal portfolio restructuring or a prelude to a sale. he He pointed out: “Tesla transferred Bitcoin to other wallets. It is still unclear whether it is a matter of internal mixing or selling. Even if they are sold, the impact will be a little more than half that of the German government. Their realized profits amounted to $816 million, while Tesla’s profits reached $515 million to date.
Likewise, on-chain analysis firm Spot On Chain suggested that the transferred Bitcoin would likely move to new wallets still under Tesla’s control. They stressed that the portfolios had been inactive for two years prior to this activity and stressed the possibility of routine internal adjustments.
“Tesla moved all BTC to 7 new wallets 4 hours ago after 2 years of dormancy. Note that these are likely just new Tesla wallets. Elon Musk said Bitcoin is his ‘safe word’ and that he still owns and will not sell the coin Its Bitcoin, Ethereum or Dogecoin, the company said. books via X.
To add context to this speculation, Elon Musk’s previous statements reflect a complex relationship with Bitcoin. In December 2020, he referred to Bitcoin as his “safe word,” hinting at his personal connection to the digital asset. Later, in March 2022, Musk stated that he still owns and does not plan to sell his holdings in Bitcoin, Ethereum, or Dogecoin, especially as a hedge against high inflation. Despite these assertions, Musk has also expressed doubts, once stating that “Bitcoin is almost like paper money.”
However, cryptocurrency analyst Fejau disputes the idea that Tesla is preparing to sell its BTC holdings. he Argue It would be illogical for Musk, a supporter of President Donald Trump who wants to create a “strategic stock of Bitcoin,” to liquidate these assets so soon before the election. “Why would Elon, a major supporter of the ultra-pro-crypto Trump campaign, decide to destroy Tesla Bitcoin holdings 30 days before the election. He argues that a significant lack of critical thinking is going on here.
By contrast, Jacob King, CEO of WhaleWire, forecast Tesla is selling its Bitcoin in an over-the-counter (OTC) deal, indicating a possible liquidation of its holdings. “Tesla just moved $760 million worth of bitcoin in an OTC deal — it looks like they’re getting rid of it,” he said via X.
At press time, Bitcoin was trading at $67,101.
Featured image from iStock, chart from TradingView.com
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