Wallets associated with the electric car manufacturer began moving funds to unknown wallets on Tuesday, according to crypto data firm Arkham Intelligence.
Tesla is the fourth-biggest holder of bitcoin among publicly traded U.S. companies in the U.S, per BitcoinTreasuries data. Only software company MicroStrategy and bitcoin mining firms Marathon Holdings and Riot Platforms have larger stockpiles.
Musk had also previously announced that the company would soon accept payments made with bitcoin, but the plans were dropped shortly after due to environmental concerns.
Besides some of Musk's companies – including Tesla and SpaceX – that hold bitcoin on their balance sheets, it is unclear how much the X (formerly Twitter) owner believes in the token himself. In an interview broadcast on YouTube in July, Musk said that he thinks “there's some merit in bitcoin, and maybe some other crypto,” but that his soft spot was for dogecoin (DOGE).