Elon Musk’s Tesla recently transferred nearly all of its $760 million Bitcoin holdings to undisclosed wallets, sparking speculation about a potential sell-off by the electric car manufacturer
.On-chain data analysis reveals that over 11,500 Bitcoins were moved from Tesla’s wallets to addresses with unknown ownership, leaving the company with a mere $6.65 worth of Bitcoin in its wallets
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Tesla currently ranks as the fourth-largest holder of Bitcoin among publicly traded U.S
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companies
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The company initially acquired $1.5 billion in Bitcoin in February 2021, and at one point, its holdings soared to $2.5 billion before it sold off 75% of its assets earlier this year at a loss
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It remains uncertain whether Tesla’s recent Bitcoin transfer signifies a complete divestment from the asset or a strategic reallocation of its holdings.
