Tesla Has Moved Its Entire $760M Bitcoin Stash, Will Elon Musk Sell It Again?
Elon Musk's Tesla has moved his nearly 11,500 BTC stash to around $760 million, according to Arkham Intelligence.
A total of 26 transactions were made to different w9allet addresses on October 15, he said. Until these latest transactions, Tesla's holdings had been dormant for two years.
According to the Arkham forum, the wallet balance is now zero.
TESLA has now moved $260M BTC
Total taken: $760M pic.twitter.com/ukAcHW1EZC
— Arkham (@ArkhamIntel) October 15, 2024
What is Tesla up to?
There has been a lot of speculation on crypto social media and Bitcoin prices have been very volatile around 12 hours ago. Some have suggested that the organization holds BTC directly, while others have been spreading FUD about the possibility. There was also speculation that Tesla was preparing to accept Bitcoin payments again. There were also funny comments that Elon Musk would spin into the Trump meme coins.
Riot Platform's Vice President of Research, Pierre Rochard, said that Musk is going to use BTC as collateral to borrow. However, the company was quick to point out that it was strapped for cash.
I guess @elonmusk is going to use BTC as collateral to borrow pic.twitter.com/EKiqJBeY5T
— Pierre Rochard (@BitcoinPierre) October 16, 2024
Commentator and trader ‘Cold-blooded Schiller'.
“If Tesla is big enough to dislodge BTC… In Christ, my brothers, this is not the bull run you are entering.
Meanwhile, CryptoQuant CEO Ki Young Joo said it is still unclear whether there will be an internal swap or sale before the addition.
Even if they sell, the result will be more than half of the German government.
Tesla has moved #Bitcoin to other wallets.
It is still unclear whether it will be sold internally or not.
Even if they sell, the result is slightly more than half of the German government. Their guaranteed profit is $816 million, while Tesla's is $515 million as of today. pic.twitter.com/tbIphukzkw
— Ki Young Ju (@ki_young_ju) October 16, 2024
According to BitcoinTreasuries, Tesla is the fourth largest corporate owner of Bitcoin behind MicroStrategy, which holds 252,220 BTC; Marathon Digital (26,842 BTC); and Riot Platforms (10,427 BTC).
The firm bought BTC in February 2021, buying the digital asset for $1.5 billion at the time.
Shares of the company ( TSLA ) were little volatile in after-hours trading, but remained around the $220 level where it has been trading this week.
BTC price response
Before Arkham announced Tesla's activities, Bitcoin volatility returned. The asset rose to a ten-week high of $67,800 before settling sharply below $65,000. As of this writing, more than $67,000 has been returned in trades.
Voice! bitcoin vol returns to life. pic.twitter.com/PmQY55lpt7
— Adam Back (@adam3us) October 15, 2024
Bitcoin is currently reaching a key psychological level, which is already above the $69,000 high of the 2021 bull market cycle.
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