Electric vehicle manufacturer Tesla has transferred its Bitcoin (BTC) holdings for the first time since June 2022, according to data from blockchain analytics platform Arkham Intelligence.
Key Details of the Transfer
- Date: October 15, 2024
- Amount Moved: Nearly all of Tesla’s BTC reserves (~$760 million)
- Remaining Balance: $6.7 worth of BTC left in the original wallet
Background on Tesla’s Bitcoin Holdings
- Initial Purchase: January 2021 ($1.5 billion worth of BTC)
Partial Sales:
- Q1 2021: Sold $272 million BTC
- Q2 2022: Sold $936 million BTC
- Current Status: 4th largest corporate holder of Bitcoin (11,510 BTC spread across 68 addresses as of March 2024).
Why This Matters
Tesla’s BTC strategy reflects broader institutional adoption trends. Notably:
- The company briefly accepted BTC payments for vehicles in 2021 but paused due to environmental concerns.
- CEO Elon Musk hinted at reinstating BTC payments if mining becomes more sustainable.
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FAQ Section
Q1: Why did Tesla move its Bitcoin now?
A: While unconfirmed, possible reasons include wallet security upgrades or preparing for future transactions.
Q2: Does Tesla still accept Bitcoin payments?
A: No—payments were paused in 2021. Musk suggested they may resume with greener mining practices.
Q3: How much Bitcoin does Tesla own today?
A: ~11,510 BTC ($780 million as of October 2024).
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