By Kapil Rajyaguru
Tesla Moves Entire $765 mn Bitcoin Stash To Unknown Wallets.
Electric vehicle maker Tesla transferred its entire Bitcoin stash worth more than $765 million to several unknown wallets. Crypto wallets labeled as owned by Tesla moved the company’s 11,500 Bitcoin on Oct. 15 across 26 transactions, including test transfers, according to data from Arkham Intelligence.
Before the sudden batch of transfers, Tesla’s Bitcoin wallet had been dormant since June 17, 2022. Tesla has not publicly disclosed any plans to offload its crypto, and there is no indication that it has sent the Bitcoin to crypto exchanges.
Tesla first purchased Bitcoin in February 2021, buying $1.5 billion worth of the cryptocurrency. The following month, it offloaded 4,320 BTC, followed by a sale of 29,160 BTC in 2022.
Grayscale Files To Convert Multi-Crypto Fund Into ETF.
Crypto asset manager Grayscale has filed with the United States Securities and Exchange Commission to convert its $520 million fund, which tracks multiple cryptocurrencies, into an exchange-traded fund (ETF).
The New York Stock Exchange (NYSE), on Grayscale’s behalf, requested the conversion in an Oct. 14 19b-4 filing — a form that asks the SEC to alter rules to allow the listing of a new ETF.
Grayscale’s Digital Large Cap Fund oversees assets worth just over $524 million, with a 76% allocation to Bitcoin, 18% to Ether, and the remaining portion to Solana, XRP, and Avalanche.
Praxis Gets $525 mn For Utopic Crypto, AI-Friendly City.
A project aiming to create a city with fewer regulations for crypto and artificial intelligence tech leaders claims to have received a $525 million funding pledge.
Praxis, a self-described “internet-native alliance,” said on Oct. 15 it secured funding from various companies, including crypto lending platform Arch Lending and crypto investment firm GEM Digital.
The project promises the city will “reduce regulatory barriers” for tech companies in “AI, crypto, biotech, energy, and advanced manufacturing,” but it hasn’t revealed the location of the tech utopia.
Trump-Backed Platform’s Crypto Token Sale Flatlines At $10 mn Amid Site Jitters.
The debut token sale for the Trump family’s crypto project, World Liberty Financial, has so far fallen flat, with the number of tokens sold reaching just over 3.4% of its $300 million goal as its website crashed.
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