Tesla moves entire $765M Bitcoin stash to unknown wallets
2024-10-16

Electric vehicle maker Tesla has transferred its entire Bitcoin stash worth over $765 million to several unknown wallets.
Crypto wallets labeled as owned by Tesla moved virtually all of the company’s 9,720 Bitcoin BTCUSD on Oct. 15 across 26 transactions, including test transfers, according to data from Arkham Intelligence.
The first test transfer was made on Oct. 15 at 8:41 pm UTC, and the wallet currently holds just $6.68 worth of Bitcoin.
There’s no sign that the Bitcoin has been sent to crypto exchanges, and Tesla has not publicly disclosed any plans to offload its crypto.
Tesla’s Bitcoin wallet had been dormant since June 17, 2022, before the sudden batch of transfers.
The wallet addresses “1MGM8,” “1E8E3,” 1Phab” and “1QC2z” now hold some of the largest amount of Bitcoin transferred out of Tesla’s wallet. 
Tesla’s first purchased Bitcoin in February 2021 buying $1.5 billion worth of the cryptocurrency. 
The following month, it offloaded 4,320 BTC, followed by a sale of 29,160 BTC in 2022. 