In a serious improvement, EV juggernaut Tesla Inc. TSLA has reportedly transferred almost all of its Bitcoin BTC/USD stash to unknown wallets, sparking hypothesis about whether or not CEO Elon Musk deliberate to dump the corporate’s cryptocurrency holdings.
What Occurred: A pockets labeled as Tesla moved 11,500 BTCs, value $760 million of the main cryptocurrency, to a number of unidentified wallets Tuesday, based on on-chain analytics agency Arkham Intelligence. As of this writing, the pockets holds an inconsequential $6.7 value of the asset.
Tesla didn’t instantly reply to Benzinga’s request for readability on the true function of the transfer.
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Why It Issues: Tesla’s Bitcoin holdings have remained unchanged since the fourth quarter of 2022. Their Bitcoin journey started in January 2021, when it first acquired $1.5 billion value of the main cryptocurrency.
The tech behemoth beforehand accepted Bitcoin as a cost choice for automobiles earlier than ending the observe as a consequence of issues in regards to the vitality consumption utilized in Bitcoin mining.
Whereas the precise quantity of Bitcoin beforehand bought and presently held by Tesla is just not identified to the tee, many have estimated based mostly on the costs of Bitcoin at particular closing dates.
Previous to the switch, Tesla has amassed an unrealized revenue of 129% on its Bitcoin funding, based on information from CoinGecko.
Worth Motion: On the time of writing, BTC was buying and selling at $66,824.86, up 1.34% within the final 24 hours, according to Benzinga Pro. Shares of Tesla closed 0.19% increased at $219.57 throughout Tuesday’s common session.
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Elon Musk’s Tesla Waving Goodbye To Bitcoin? $760M Sent To Unknown Wallets – Tesla (NASDAQ:TSLA) www.benzinga.com 2024-10-16 01:51:49
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