Tesla Executes $770 Million Bitcoin Transfer, Stirring Market Concerns
Tesla, the electric vehicle leader headed by Elon Musk, has triggered significant market concern with a $770 million Bitcoin ($BTC) transaction.
According to blockchain analytics platform Arkham Research, Tesla shifted 11,509 Bitcoins, valued at $770 million, to new addresses. This marks Teslaâs first wallet activity since offloading most of its Bitcoin holdings in 2022. Tesla initially invested $1.5 billion in Bitcoin in February 2021.
As of October 15, Tesla held 9,720 BTC, worth approximately $650 million. However, Arkham reports that Tesla controls 11,509 BTC across 68 addresses, equivalent to around $770 million at current Bitcoin prices.
Additionally, BitcoinTreasuries highlights that SpaceX, Musk's space exploration company, possesses 8,285 Bitcoins. Among publicly traded companies, Tesla ranks as the third-largest Bitcoin investor, following MicroStrategy and MARA (formerly Marathon Digital).
The timing of Teslaâs large Bitcoin transferâtwo years after its last major wallet movementâhas sparked speculation and concern in the crypto space, particularly given the upcoming U.S. elections. Elon Muskâs outspoken support for Donald Trump, known for his crypto-positive stance, could impact Bitcoinâs trajectory.
Crypto investors are closely watching Teslaâs wallet activities, as the recent transfer coincided with a noticeable rise in BTC prices. The possibility of additional movements in the near term remains a point of curiosity.
