Elon Musk’s Tesla has moved bitcoin (BTC) for the first time in two years, according to onchain data discovered by Arkham Intelligence.
The transaction was carried out in three separate batches, transferring a total of around 3,385 BTC—equivalent to approximately $225 million—to three unique and unidentified P2PKH (Pay to Public Key Hash) bitcoin addresses.
The motives behind the transfer remain unknown, fueling widespread speculation online. Following the transaction, bitcoin, which had been trading above $67,000, dipped slightly to $66,500.
This unexpected move by Tesla quickly became the talk of social media, with various theories emerging as to why the company might have initiated the transfer after such a long period of holding. Despite the sudden transfer, Tesla still holds a significant amount of bitcoin in its reserves—8,077 BTC, to be exact—valued at approximately $537.6 million as of 5:30 p.m. Eastern Time.
Tesla’s involvement in the cryptocurrency market continues to be a subject of fascination for many, given Musk’s previous public statements about bitcoin and other digital assets. However, the purpose of this transaction remains as elusive as ever.
