Elon Musk’s curious relationship with crypto has taken another turn. According to blockchain analytics platform Arkham Intelligence, the company has moved approximately $765 million worth of Bitcoin to unknown wallets. It’s unclear whether the EV maker, the fourth-biggest holder of Bitcoin among U.S public companies, per BitcoinTreasuries, has plans to sell.

Tesla did not immediately respond to a request for comment or confirmation of the transfer. Among U.S. public companies, only software company MicroStrategy and Bitcoin mining firms MARA Holdings and Riot Platforms hold more of the cryptocurrency.

Tesla’s Bitcoin represents significantly less than 1% of its nearly $700 billion market capitalization, however. For those other three companies, the cryptocurrency accounts for roughly 25% or more of their respective valuations.

Tesla’s foray into Bitcoin

Tesla originally invested $1.5 billion in Bitcoin in 2021. It was yet another bold show of risk tolerance for Musk, now a famous fan of the memecoin Dogecoin, who predicted the investment would help the company maximize returns on cash and help it accept crypto payments for its vehicles. The announcement led to Bitcoin’s price surging by over $10,000.

Later that year, however, Musk backtracked, citing concerns over the intensive use of fossil fuels, including coal, for Bitcoin mining. The decision angered many crypto fans as Bitcoin fell over 10%. Musk said the company would not sell any of the cryptocurrency, however, and that Tesla would accept Bitcoin payments when mining became more environmentally friendly.

The summer of 2022 brought yet another change in Tesla’s crypto strategy, however, as it off-loaded most of its Bitcoin for an average price of around $20,000—roughly $18,000 less than the price it originally paid. The company ended up selling at the bottom.

Tesla’s remaining Bitcoin, less than 10,000 BTC, has appreciated over 350% since. Its original investment of 43,200 BTC would have been worth over $3 billion when Bitcoin hit a recent high of $73,750.

The fate of Tesla’s remaining holdings is still unclear. It’s worth noting, however, that new accounting requirements for crypto are about to go into effect. As of Dec. 15, crypto holdings will need to be measured at fair value on the balance sheet, with changes reflected in net income at the end of each reporting period.

Before the Financial Accounting Standards Board, or FASB, issued those new guidelines last year, Bitcoin needed to be accounted for using a “cost-less-impairment” model. That meant crypto could only be marked down, not up, owing to changes in its market value. In other words, gains would only show up on the balance sheet after the digital assets were sold.

Even if Tesla doesn’t get rid of its Bitcoin, however, that will no longer be a problem.