Tesla, the electric car manufacturer owned by Elon Musk, has recently transferred its entire Bitcoin holdings, valued at over US$765 million (equivalent to Rp11.8 trillion), after the assets remained inactive since 2022.
According to Arkham Intelligence data on Tuesday (October 15, 2024), approximately 11,500 BTC previously held in Coinbase Prime were moved across 26 separate transactions, including test transfers, to several unidentified wallets. As of now, Tesla holds only a small amount of Bitcoin, valued at US$6.74.
The reason for this transfer remains unclear. So far, there is no indication that the Bitcoin was moved to crypto exchanges, and Tesla has not released any public statement regarding a potential sale of its crypto assets.
Further details about Tesla’s Bitcoin holdings may be revealed in the company’s third-quarter financial report, scheduled for release on October 23, 2024.
Tesla’s Bitcoin Adoption Journey
Tesla is one of the largest Bitcoin holders among publicly traded companies in the United States, ranking fourth behind MicroStrategy, MARA Holdings, and Riot Platforms, according to BitcoinTreasuries.
Tesla initially announced the purchase of US$1.5 billion worth of Bitcoin in February 2021. At its peak, the company held up to US$2.5 billion in Bitcoin. In the months following, Tesla sold 4,320 BTC, followed by another sale of 29,160 BTC, which accounted for about 75% of its total holdings by early 2022.
When Tesla first acquired Bitcoin, Elon Musk announced plans to accept Bitcoin as payment. However, those plans were later scrapped due to environmental concerns over Bitcoin mining.
Currently, SpaceX, Musk’s aerospace company, still holds 8,285 BTC, valued at more than US$553 million.
Bitcoin Market Reaction
Bitcoin’s price only saw a brief dip from US$65,500 to US$64,900 following Tesla’s transfer. However, within 30 minutes, Bitcoin’s price recovered to around US$66,000.
At the time of writing, Bitcoin continues its upward rally, reaching US$67,145, marking a gain of over 2% in the past 24 hours.
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