Elon Musk’s Tesla transfers $760M worth of bitcoins to unknown wallets – report
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Apu Gomes
Elon Musk’s Tesla (NASDAQ:TSLA) has reportedly transferred almost all $760M of bitcoins (BTC-USD) that it owns to unidentified wallets.
The move has given rise to speculations that the electric carmaker might be selling the cryptocurrency.
Wallets which are associated with Tesla (TSLA) moved more than 11.5K BTC to other wallets, whose ownership is unknown, a CoinDesk report stated, citing data from Arkham Intelligence.
The Tesla (TSLA) wallets now only have about $6.65 worth of BTC, the report added.
The carmaker is the fourth-largest holder of the cryptocurrency among publicly listed companies in the U.S., according to BitcoinTreasuries data.
Earlier in March, a Morgan Stanley Research report suggested that since September last year, the historically positive correlation between Tesla’s (TSLA) share price and Bitcoin (BTC-USD) has broken down.
In 2022, Tesla (TSLA) had disclosed that it has sold 75% of its position in the cryptocurrency worth $936M. However, this was not the only time the carmaker liquidated some of its bitcoin (BTC-USD) stash. The electric car manufacturer had sold $300M of BTC in the first quarter of 2021 for what looked to be a decent profit.
BTC is currently trading at $68.2K.