Tesla, a pioneer in electric vehicles spearheaded by Elon Musk, reportedly transferred its entire Bitcoin holdings, 11,509 BTC valued at approximately $770 million, to new digital addresses.

These transfers, occurring in a blitz of transactions over a few days, also mark the first time since 2022 that Tesla has touched its Bitcoin wallets after selling off much of its cryptocurrency investments.

Tesla’s foray into the cryptocurrency space began on a strong note, with its $1.5 billion investment in Bitcoin back in February 2021. It reportedly had as many as 43,000 Bitcoins at one point in time.

However, sales in the following months have considerably trimmed this position. In the months preceding these latest movements, Tesla was believed to be holding around 9,720 BTC, or roughly $650 million. According to data compiled by Arkham Research, the actual number is closer to 11,509 BTC.

The electric car manufacturer is the third-largest Bitcoin holder among public companies behind only MicroStrategy and MARA, formerly known as Marathon Digital. Interestingly, Musk’s space exploration company, SpaceX, is said to be holding around 8,285 coins.

While the motivation behind Tesla’s most recent Bitcoin wallet activity is unclear, that hasn’t stopped speculation within the crypto community. Some analysts believe it might be gearing up for another big sale, similar to its previous divestments in both 2021 and 2022.

Tesla’s history with Bitcoin has been marked by notable transactions. In the first quarter of 2021 alone, the company sold $272 million worth of Bitcoin, booking a profit of $128 million after a bull run saw Bitcoin prices shoot as high as nearly $62,000. Later, during the second quarter of 2022, Tesla sold $936 million in Bitcoin, netting $64 million in gains despite bear market sentiment.