$BTC
Tesla has moved 11,509 bitcoins (worth about $770 million) to a new address, which appears to be the entirety of the company's bitcoin reserves, according to on-chain data tracked by Arkham Research.
Tesla invested $1.5 billion in bitcoin in early 2021 and briefly began accepting bitcoin as a payment method for new cars. However, Tesla later discontinued the bitcoin payment option due to concerns about the energy requirements of the bitcoin network. Tesla said it was not selling its bitcoin holdings and planned to resume accepting bitcoin payments when the bitcoin network shows a higher percentage of renewable energy use. Tesla conducted six test transactions before these token transfers, the first time Tesla has interacted with its bitcoin wallet since it sold most of its assets in 2022.
It is unclear exactly why Tesla is doing this, and the market is speculating whether Tesla will sell its bitcoin or buy more, but there is no clear evidence pointing to either side.