Tesla Moves $765 Million in Bitcoin to Unknown Wallets

The transfer raises questions about Elon Musk's cryptocurrency strategy as Tesla remains silent on its intentions.

Tesla, the fourth-largest U.S. public company holder of Bitcoin, has transferred nearly all of its remaining Bitcoin holdings to new, unidentified wallets.
The move involves approximately 11,500 Bitcoin, valued at around $765 million, with no immediate indication that Tesla plans to sell the cryptocurrency.
Tesla's relationship with Bitcoin has been volatile, initially investing $1.5 billion in 2021, then selling 75% of its holdings in 2022 at a significant loss.
The transfer comes ahead of new accounting standards requiring cryptocurrency holdings to be reported at fair value on balance sheets starting December 15.
Speculation abounds about Tesla's next steps, including potential sales or renewed acceptance of Bitcoin payments, but the company's intentions remain unclear.