Is Elon Musk Selling Bitcoin? Tesla Moves $760M Worth of BTC to Unknown Wallets
Elon Musk's Tesla, one of the largest corporate holders of Bitcoin (BTC), has recently transferred its entire $760 million worth of the cryptocurrency to unknown wallets, sparking speculation that the company might be selling its holdings. According to Arkham Intelligence, the transfers began on Tuesday, raising eyebrows in the crypto community.
Tesla currently ranks as the fourth-largest Bitcoin holder among publicly traded U.S. companies, according to BitcoinTreasuries. Only MicroStrategy and the bitcoin mining firms Marathon Holdings and Riot Platforms have larger stashes of the digital asset.
The electric vehicle giant initially purchased $1.5 billion worth of Bitcoin in February 2021, but has sold off most of it over time. When Arkham Intelligence introduced tracking for Teslaâs bitcoin wallets in March, the company still held approximately 11,509 BTC, valued at around $770 million.
Musk had previously revealed plans for Tesla to accept Bitcoin as a payment method for its vehicles, but these plans were shelved due to concerns over the cryptocurrencyâs environmental impact.
Though some of Musk's companies, such as Tesla and SpaceX, hold Bitcoin on their balance sheets, it's still unclear how much Musk personally values the cryptocurrency. In a July interview, Musk expressed that while he sees "some merit in Bitcoin and potentially other cryptos," his personal favorite remains Dogecoin (DOGE).
