Tesla, the electrical vehicle titan helmed by Elon Musk, has transferred its entire stash of 9,720 Bitcoin —valued at over $760 million—to latest, unidentified wallets. This significant move, reported by blockchain analytics firm Arkham Intelligence, has stirred widespread speculation throughout the BTC community.

The rationale behind Tesla’s recent BTC transfer is currently unclear. Analysts are debating whether the move signals an intention to sell its holdings, acquire more BTC, or potentially reinstate payments for Tesla vehicles—a feature hinted at in the corporate’s software updates last yr. Nonetheless, definitive evidence supporting any of those theories has yet to surface.

Has Tesla Sold Its Bitcoin?

Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, noted that it’s uncertain whether Tesla’s motion represents internal wallet restructuring or a prelude to selling. He identified: “Tesla moved Bitcoin to other wallets. It’s still unclear if it’s internal shuffling or selling. Even in the event that they sold, the impact could be barely greater than half of the German govt’s. Their realized profit was $816M, while Tesla’s is $515M as of today.”

Similarly, on-chain evaluation firm Spot On Chain suggested that the transferred BTC likely moved to latest wallets still under Tesla’s control. They highlighted that the wallets had been dormant for 2 years before this activity and emphasized the opportunity of routine internal adjustments.

“Tesla transferred all BTC to 7 latest wallets 4 hours ago after 2 years of dormancy. Note that it is probably going these are only latest wallets belonging to Tesla. Elon Musk has said that BTC is his “secure word” and that he still owns and won’t sell his Bitcoin, Ethereum, or Dogecoin,” the firm wrote via X.

Adding context to the speculation, Elon Musk’s past statements reflect a fancy relationship with Bitcoin. In December 2020, he referred to Bitcoin as his “secure word,” hinting at a private affinity for the digital asset. Later, in March 2022, Musk mentioned that he still owns and doesn’t plan to sell his holdings in Bitcoin, Ethereum, or Dogecoin, especially as a hedge against high inflation. Despite these affirmations, Musk has also expressed skepticism, once stating that “Bitcoin is sort of as bs as fiat money.”

Nonetheless, crypto analyst Fejau questions the notion that Tesla is preparing to sell its BTC holdings. He argued that it could be illogical for Musk, a supporter of President Donald Trump who wants to ascertain a “Strategic Bitcoin Stockpile”, to liquidate such assets shortly before an election. “Why would Elon, a significant endorser of Trump’s campaign which may be very pro crypto, determine to nuke Tesla Bitcoin holdings 30 days before election. Significant lack of critical considering occurring here,” he argues.

Contrastingly, Jacob King, CEO of WhaleWire, speculated that Tesla is selling its BTC in an over-the-counter (OTC) deal, indicating a possible liquidation of their holdings. “Tesla has just moved an enormous $760 million value of Bitcoin in an OTC deal – looks like they’re dumping,” he stated via X.

At press time, BTC traded at $67,101.

Featured image from iStock, chart from TradingView.com