Tesla has just transferred $770 million worth of Bitcoin to an unidentified wallet.

Tesla, the electric vehicle company owned by billionaire Elon Musk, has unexpectedly moved its entire Bitcoin holdings, accumulated over the past three years, to new wallet addresses, stirring speculation within the crypto community.

According to data from Arkham, Tesla executed several transactions in the early hours of October 16 (Vietnam time), transferring a total of 11,509 BTC—valued at approximately $770 million—to seven new wallet addresses.

The motive behind this transfer is still unclear, leading to speculation that Musk's company might be preparing to sell part of its Bitcoin holdings ahead of its Q3/2024 financial report, which is expected to be released next week.

Back in February 2021, Tesla made a $1.5 billion investment in Bitcoin and accepted BTC payments when the cryptocurrency was trading between $28,000 and $30,000. The company later sold 75% of its Bitcoin holdings in mid-2022 during a market downturn but has held onto the remaining amount until now.

Earlier in 2024, Arkham, an on-chain data tracking firm, identified Bitcoin wallet addresses linked to companies under Musk’s control. Their findings revealed that Tesla owns 11,509 BTC, while SpaceX holds 8,285 BTC, roughly valued at $553 million.

This transfer follows a series of significant Bitcoin transactions from major holders, including the German government’s liquidation of $3 billion in BTC in July and the multi-billion-dollar movements by Mt. Gox to settle Bitcoin debts in August.

Bitcoin's price remained relatively unaffected by Tesla’s sudden BTC transfer. However, on the evening of October 15, BTC briefly spiked to $67,950 before quickly retreating to around $65,000, resulting in an estimated $215 million in liquidations over the past 12 hours.