Tesla transferred BTC to a new address, is it preparing to liquidate its Bitcoin holdings after two years?

According to the on-chain data tracked by the analysis firm Arkham Research, Tesla, the electric vehicle giant led by Elon Musk, has transferred 11,509 bitcoins to a new address, estimated to be worth $770 million. This seems to be the company's remaining bitcoin holdings.

Tesla Hasn't Sold Bitcoin Since 2022

Tesla spent $1.5 billion to purchase 48,000 bitcoins in 2021, selling 4,800 and 32,400 bitcoins in the first and second quarters of 2021 and 2022, respectively. Since then, there have been no further transactions. According to the financial report at the end of June, Tesla still holds bitcoins with a book value of approximately $184 million, estimated to be around 10,800 bitcoins.

Note: As Tesla's financial report displays the value in bitcoins, the actual amount of bitcoins held is an estimation as it has not been officially disclosed.

Is Tesla Transferring All of Its Bitcoins?

According to Arkham's data, Tesla transferred approximately $770 million worth of cryptocurrency to about 7 new addresses in the past hour. Prior to these token movements, there appeared to be six test transactions, marking Tesla's first interaction with its bitcoin wallet since selling most of its assets in 2022.

Tesla is the fourth-largest bitcoin holder among publicly traded companies, following MicroStrategy, Marathon Digital, and Riot. The electric vehicle manufacturer had previously aimed to promote bitcoin payments for car purchases. According to BitcoinTreasuries, Elon Musk's space company SpaceX also holds 8,285 bitcoins.

It is currently unclear why the company suddenly transferred bitcoins more than two years later, although some speculate that it may be preparing to sell more bitcoins. Tesla initially purchased bitcoins at around $31,250, potentially bringing in at least $300 million in profit if sold.