In a decision that has drawn the attention of crypto enthusiasts, Tesla (TSLA, Financial), headed by Elon Musk has moved most of the acquired bitcoin which is worth around $760 million to other unnamed addresses. This so-called ‘flippening,' unveiled by crypto data analytics firm Arkham Intelligence, has spurred much debate pointing towards the idea that the electric car giant has divested off its bitcoin.
On Tuesday, linked wallets of Tesla were said to have moved more than 11,500 bitcoins to several unidentified wallets while closely having only $0.00665 in its accounts. This shift is a dramatic change of direction from early this year when Tesla invested in $1. 5 billion in bitcoin and also held up to $2. 5 billion worth of it.
Tesla is the fourth publicly listed US company by the reported bitcoin holding, behind MicroStrategy(MSTR, Financial), a software company, MARA Holdings, and Riot Platforms being primarily involved in mining. The company had earlier sold 75% of its bitcoins in early 2022, which was a major blow to its financial position.
The above transaction has far-surfaced a deeper meaning than mere figures on a balance sheet since it exemplifies Musk's neutrality on cryptocurrency. Yet, despite having major investments in crypto companies, during the latest interview with the BBC, Musk voiced the preference for dogecoin before the bitcoin, also noting that dogecoin merits are not only in the context of all cryptocurrencies but also within the bitcoin.
This move may create a different sentiment in the market for bitcoins at large, especially at a time when the market trends go through oscillating stability in the crypto market.
