Tesla transfers BTC to a new address, will it be empty after two years?

avatar
ABMedia
10-15
This article is machine translated
Show original

According to data tracked by the analysis company Arkham Research, the electric vehicle giant Tesla led by Elon Musk has transferred 11,509 Bits to new addresses, estimated to be worth $770 million. This appears to be the company's remaining Bits.

Tesla has not sold Bits since 2022

After spending $1.5 billion to buy 48,000 Bits in 2021, Tesla sold 4,800 Bits in the first quarter of 2021 and 32,400 Bits in the second quarter of 2022, and has not made any changes since then. According to the financial report at the end of June, Tesla still owns Bits with a book value of about $184 million, and it is estimated that its Bit holdings are 10,800 Bits.

Note: Since Tesla's financial reports only show the value of Bits, the number of Bits is estimated by ABMedia.

Will Tesla transfer all of its Bits?

According to Arkham's data, in the past hour, Tesla has transferred about $770 million worth of cryptocurrency to around 7 new addresses. There seem to have been six test transactions before these token movements, which is the first time Tesla has interacted with its Bit wallet since selling most of its assets in 2022.

Tesla is the fourth largest corporate Bit holder, after MicroStrategy, Marathon Digital, and Riot. The electric vehicle manufacturer had previously hoped to promote Bit payments for car purchases. According to BitcoinTreasuries data, Musk's space company SpaceX also holds 8,285 Bits.

It is currently unclear why the company suddenly transferred Bits after more than two years, although some suspect it may be preparing to sell more Bits. Tesla's original purchase price was around $31,250, and if sold, it should bring in at least $300 million in revenue.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments
Followin logo