Tesla transfers its entire $765 million Bitcoin holdings to unidentified wallets.

According to data from Arkham Intelligence, on October 15, crypto wallets identified as belonging to Tesla transferred nearly all of the company’s 11,500 Bitcoin (BTC) in 26 transactions, including test transfers.

The initial test transfer occurred on October 15 at 8:41 p.m. UTC, with the receiving wallet now holding just $6.68 worth of Bitcoin. Before this flurry of activity, Tesla's Bitcoin wallet had been inactive since June 17, 2022.

Despite the significant movement of funds, there is no evidence that Tesla’s Bitcoin has been sent to cryptocurrency exchanges, sparking speculation about the company's intentions. As of now, Tesla has not disclosed any plans to sell its crypto assets, and it remains unclear whether the company still retains control over its Bitcoin. The lack of transparency has raised questions about Tesla's status as the fourth-largest Bitcoin holder among publicly traded companies, following MicroStrategy, Marathon Digital, and Riot Platforms, according to Bitcoin Treasuries.

Tesla has not provided an official statement regarding the transfers and has yet to respond to requests for comment. The company's initial investment in Bitcoin occurred in February 2021, when it acquired $1.5 billion worth of the cryptocurrency. Shortly after that, in March 2021, Tesla began selling portions of its holdings, starting with 4,320 BTC, followed by a larger sale of 29,160 BTC in 2022. CEO Elon Musk briefly allowed Bitcoin as a payment method for Tesla vehicles in March 2021 but reversed the decision a few weeks later, citing environmental concerns.

Interestingly, Musk's other company, SpaceX, still holds 8,285 Bitcoin, valued at over $553 million, ranking it as the seventh-largest private Bitcoin holder.

Further details on Tesla’s Bitcoin movements, and whether the company sold its Bitcoin, may emerge when Tesla releases its third-quarter financial results on October 23. Bitcoin’s price remained relatively stable despite the large transactions, trading at $66,790, up 1% in the last 24 hours, according to CoinGecko.