Elon Musk's Crypto Movement: Tesla Executes Billion-Dollar Bitcoin Transfer to Anonymous Wallets

The issue surrounding Elon Musk’s involvement with cryptocurrencies has taken a new turn. At the end of 2024, Tesla executed a large-scale operation, moving approximately $760 million worth of Bitcoin to addresses whose ownership remains unknown. Over 11,500 BTC were sent to these mysterious wallets, leaving the company’s reserves with only a negligible amount of the cryptocurrency—essentially zero.

The movement was carried out through wallets associated with the electric vehicle manufacturer, as tracked by the data platform Arkham Intelligence. The event sparked speculation: Is the company liquidating its Bitcoin holdings, or is there another reason behind this transfer?

Tesla’s History with Bitcoin

This relationship began in February 2021, when Tesla purchased $1.5 billion in Bitcoin as a store of value. At its peak, the company accumulated up to $2.5 billion in BTC, according to historical data from Arkham. However, in 2022, the manufacturer sold off 75% of that position—a decision that resulted in significant losses.

During this period, Musk announced that Tesla would accept Bitcoin as a form of payment, but plans were quickly abandoned due to environmental concerns related to cryptocurrency mining. When Arkham started officially tracking Tesla’s wallets in March 2024, the company still held approximately 11,509 Bitcoin, valued at around $770 million at the time.

Tesla Among the Top Corporate Holders of Crypto

Despite the recent transfer, Tesla remains the fourth-largest corporate holder of Bitcoin among publicly traded companies in the United States. Only MicroStrategy, MARA Holdings, and Riot Platforms have larger cryptocurrency reserves on their balance sheets.

This privileged position reflects the significant role cryptocurrencies still play in some corporations’ strategies. Meanwhile, the mining sector has solidified itself as the main player in this market, surpassing traditional publicly traded companies.

Elon Musk’s Stance on Digital Assets

Musk’s attitude toward cryptocurrencies has always been peculiar. While Tesla and SpaceX hold Bitcoin on their balance sheets, it’s unclear how much conviction the billionaire truly has in this asset. In a recent interview, Musk stated that he believes “there is some merit in Bitcoin and perhaps other cryptocurrencies,” but revealed a personal preference for Dogecoin—a tone that mixes skepticism with selectivity.

This ambiguity reflects Elon Musk’s inconsistent approach to the crypto universe. While investing corporately in certain assets, his rhetoric swings between conditional support and criticism. The billion-dollar transfer in October 2024 only adds another layer of mystery to this complex relationship between the entrepreneur and digital currencies.