Elon Musk's Tesla recently moved approximately $760 million worth of Bitcoin (BTC) to wallets that are unknown, which raises speculation that the company might be selling off its holdings.

On Tuesday, wallets connected to the electric car manufacturer transferred more than 11,500 BTC to wallets whose owners are not disclosed, per information from Arkham Intelligence. Currently, the Tesla wallets are down to around $6.65 worth of BTC.

Tesla ranks as the fourth-largest holder of Bitcoin among publicly traded companies, following MicroStrategy, MARA Holdings, and Riot Platforms.

This action comes after Tesla initially purchased $1.5 billion worth of Bitcoin back in February 2021, possessing up to $2.5 billion at one point, as noted by Arkham data. The company had earlier sold off 75% of its Bitcoin in early 2022 at a loss. Musk had intended to accept Bitcoin for vehicle purchases but scrapped those plans due to environmental concerns.

Despite the holdings of Bitcoin among Musk's companies like Tesla and SpaceX, it remains unclear how the X (formerly Twitter) owner views cryptocurrencies personally. In a YouTube interview from July, Musk expressed that while he believes in some aspects of Bitcoin and perhaps other cryptocurrencies, he has a fondness for Dogecoin (DOGE).