CandleFocus Tesla shifts entire $765M Bitcoin holdings, sparking strategy speculation
2024-10-16
Author: Content Editor
Tesla has transferred its entire Bitcoin holdings, valued at around $765 million, to multiple new addresses. The transfers involved 11,500 Bitcoin in 26 transactions and were not linked to any crypto exchanges, suggesting that Tesla may not be selling its Bitcoin. This is the first activity in Tesla's Bitcoin wallet since June 2022, leading to speculation about the company's plans. Tesla had previously purchased $1.5 billion worth of Bitcoin in February 2021, sold some of it in early 2021 and 2022, and briefly accepted Bitcoin as a payment option for its vehicles. CEO Elon Musk has indicated that Tesla will accept Bitcoin payments again once a certain percentage of the network's power comes from renewable sources. The market response to Tesla's Bitcoin activity has been minimal, and Bitcoin continues to trade bullish. More information about Tesla's Bitcoin strategy may be revealed in the company's third-quarter financial report expected on October 23.
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