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Tesla Transfers BTC Worth $765M to Unknown Wallets, Concerns Arise Regarding Musk’s Plans

October 23, 2024 at 09:05 AM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

Elon Musk’s evolving connection with cryptocurrency has taken yet another twist. According to blockchain analytics company Arkham Intelligence, Tesla moved Bitcoin (BTC) worth over $765 million to unidentified wallets.

According to BitcoinTreasuries, Tesla is the fourth-largest Bitcoin holder among U.S. public firms. The company trails behind software firm MicroStrategy and Bitcoin mining companies Riot Platforms and MARA Holdings. Despite this significant holding, Tesla’s BTC accounts for less than 1% of its almost…

It remains to be seen how the new reporting rules will impact industry players like Bit Mining Ltd. (NYSE: BTCM) as they conduct their operations through the coming fiscal years.

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