Tesla Moves $765M in Bitcoin to Unknown Wallets, No Sale Indicated

In Brief:

Tesla has moved approximately $765 million worth of Bitcoin to new, unknown wallets, with no immediate indication of a sale.

Despite past sales, Tesla continues to hold Bitcoin, which has significantly appreciated in value since their last major transaction.

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Elon Musk's Tesla Just Moved $765 Million in Bitcoin to Unknown Wallets

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Tesla, led by Elon Musk, has shifted nearly all of its Bitcoin holdings, valued at approximately $765 million, to new, unknown wallets after two years of inactivity. These wallets, not linked to any known crypto exchanges, suggest that Tesla is not planning to sell its Bitcoin at this time.

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The electric car company initially purchased $1.5 billion in Bitcoin in 2020 but sold about 10% in Q1 2021 and another 75% in July 2022 when Bitcoin's price was significantly lower. Despite these sales, Tesla has retained a portion of its Bitcoin, which has appreciated substantially, with current prices around $66,500.

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Tesla's relationship with Bitcoin has been complex, including a brief acceptance of Bitcoin payments for cars in 2021, later halted due to environmental concerns. Although Musk mentioned resuming Bitcoin payments if mining becomes more sustainable, the firm has not yet reinstated this option. Tesla has not responded to requests for comment regarding the recent Bitcoin movement.

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