Tesla (TSLA, Financial) has transferred approximately $765 million worth of Bitcoin to an unidentified wallet, marking the first movement of its cryptocurrency holdings in two years. While there is no indication that Tesla plans to sell its Bitcoin, the transfer raises questions about the company's strategies regarding its cryptocurrency investments.
In February 2021, Tesla announced a $1.5 billion purchase of Bitcoin, selling 10% of its holdings in the second quarter of that year. By July 2022, Tesla had sold 75% of its remaining Bitcoin. Since then, Tesla has retained its leftover Bitcoin. The current price of Bitcoin hovers around $66,500.
Tesla's relationship with Bitcoin has been multifaceted. In 2021, the company began accepting Bitcoin as a form of payment, but CEO Elon Musk later suspended this due to environmental concerns over Bitcoin mining. Musk stated that Bitcoin payments might resume once its mining relies heavily on green energy, although this has not yet occurred. Additionally, Musk is known to support Dogecoin.
