Tesla, the electric vehicle giant led by Elon Musk, has transferred its entire stash of 9,720 Bitcoins —worth more than $760 million—to a new, unknown wallet. This significant move, reported by blockchain analysis firm Arkham Intelligence, has sparked widespread speculation in the BTC community.
The reason behind Tesla’s recent BTC transfer remains unclear. Analysts are debating whether the move signals an intention to sell its holdings, acquire more BTC, or potentially reinstate payments for Tesla vehicles—a feature hinted at in the company’s software update last year. However, definitive evidence supporting these theories has not yet emerged.
Has Tesla Sold Its Bitcoin?
Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, noted that it was uncertain whether Tesla’s actions represented an internal wallet restructuring or the start of a sell-off. He pointed out: “Tesla moved Bitcoin to another wallet. It remains unclear whether it was an internal shuffle or a sale. Even if they sold it, the impact would be more than half the impact felt by the German government. Their realized profit was $816 million, whereas Tesla’s was $515 million as of today.”
Similarly, on-chain analytics firm Spot On Chain suggested that the transferred BTC was likely moved to a new wallet that is still under Tesla’s control. They highlighted that the wallet had been inactive for two years prior to this activity and emphasized the possibility of routine internal adjustments.
“Tesla transferred all BTC to 7 new wallets 4 hours ago after 2 years of inactivity. Note that this is most likely just Tesla’s new wallet. Elon Musk said that BTC is a “safe word” and that he still owns and will not sell his Bitcoin, Ethereum or Dogecoin,” the company wrote via X.
Adding context to the speculation, Elon Musk’s past statements reflect his complex relationship with Bitcoin. In December 2020, he called Bitcoin a “safe word” hinting at his personal interest in the digital asset. Later, in March 2022, Musk mentioned that he still owned and had no plans to sell his holdings in Bitcoin, Ethereum, or Dogecoin, primarily as a hedge against high inflation. Despite this assertion, Musk has also expressed doubts, once stating that “Bitcoin is almost as big as fiat money.”
However, crypto analyst Fejau questioned the notion that Tesla is preparing to sell its BTC holdings. He argued that it made no sense for Musk, a supporter of President Donald Trump who wants to form a “Strategic Bitcoin Stock,” to liquidate the asset just before the election. “Why Elon, a major supporter of Trump’s very pro-crypto campaign, decided to stop holding Tesla Bitcoin 30 days before the election. There is a lack of critical thinking here,” he argued.
In contrast, Jacob King, CEO of WhaleWire, speculated that Tesla sold its BTC in an over-the-counter (OTC) deal, indicating a potential liquidation of their holdings. “Tesla just moved $760 million worth of Bitcoin in an OTC deal – looks like they are dumping,” he said via X.
At press time, BTC was trading at $67,101.
Featured image from iStock, chart from TradingView.com
