Elon Musk's crypto on Tesla: the big transfer of Bitcoin worth $760 million

On Wednesday, blockchain addresses associated with Tesla made a significant cryptocurrency transfer that caught industry attention. Over 11,500 Bitcoin, worth approximately $760 million, were redirected from corporate wallets to unknown addresses, according to data from Arkham Intelligence, a platform specializing in on-chain tracking.

This movement raised immediate questions about Elon Musk’s strategy regarding cryptocurrencies and his company’s digital assets. After this operation, Tesla wallets hold only about $6.65 in Bitcoin, marking the near-complete depletion of previously held reserves.

Bitcoin Transfer: Numbers and Context

The transfer marks a pivotal moment in Elon Musk’s stance on corporate crypto assets. When Arkham Intelligence introduced specialized tracking for Tesla wallets on its dashboard in March 2024, the company held roughly 11,509 Bitcoin, valued around $770 million. The current value of these coins, at a market price of $67,860 per Bitcoin, highlights the volatility dynamics characteristic of the crypto sector.

Tesla initially acquired Bitcoin for $1.5 billion in February 2021, reaching a peak position of $2.5 billion at one point. However, in early 2022, the company liquidated 75% of its crypto holdings, suffering a significant loss amid a challenging market environment.

Tesla in the Landscape of Major Corporate Bitcoin Holders

Tesla’s position in the corporate cryptocurrency ecosystem remains significant. Elon Musk’s company ranks as the fourth-largest Bitcoin holder among publicly traded U.S. companies. Only MicroStrategy, a software firm, and the two Bitcoin mining giants—MARA Holdings and Riot Platforms—hold larger crypto wallets.

This positioning reflects the evolution of the narrative around institutional adoption of Bitcoin. While Tesla was one of the first major corporate endorsers of cryptocurrencies, the recent transfer suggests a possible recalibration of its strategy.

Elon Musk’s Ambiguous Stance on Cryptocurrencies: Bitcoin, Dogecoin, and the Future

Elon Musk’s relationship with the crypto world remains complex and multifaceted. When Tesla initially acquired its Bitcoin, Musk publicly stated that the company would soon start accepting crypto payments. These plans were later abandoned due to concerns over Bitcoin’s environmental impact.

In a July interview on YouTube, Musk expressed the view that “Bitcoin and probably other cryptocurrencies have legitimate merits.” However, he also clarified that his personal preference leans toward Dogecoin, with which he has a long-term relationship, currently trading at $0.10.

This attitude reveals an interesting dichotomy in Musk’s thinking about crypto: a rational acknowledgment of Bitcoin’s value as an asset, contrasted with an emotional and commercial preference for alternatives like Dogecoin. This positioning partly explains Tesla’s seemingly inconsistent strategy regarding its Bitcoin holdings, where the company has not remained a passive long-term holder but has made significant adjustments to its crypto exposure over the years.