Tesla moves $776 million in Bitcoin to new wallets
Tesla, led by Elon Musk, recently moved its entire Bitcoin (CRYPTO:BTC) holdings—worth around $776 million—into new wallets, according to blockchain intelligence firm Arkham Intelligence.
The movement marks the first transfer in two years for Tesla’s Bitcoin stash, which was originally acquired in 2021.
Arkham noted that the coins were placed into seven new wallets believed to still be under Tesla’s control, rather than being sold off or transferred to exchanges.
“Tesla’s wallet movements appear to be wallet rotations with the Bitcoin still owned by Tesla,” Arkham stated on X (formerly known as Twitter).
The firm highlighted that the new wallets do not appear to be linked to any known crypto exchanges, indicating no immediate intention of selling the digital assets.
Tesla first invested $1.5 billion in Bitcoin in early 2021, making headlines as one of the largest publicly-traded companies to place such a significant bet on the cryptocurrency.
However, Musk’s stance on Bitcoin changed later that year, leading the company to sell off a large portion of its holdings due to environmental concerns related to Bitcoin mining.
Despite the sell-off, Tesla currently holds 11,509 Bitcoin, valued at around $776 million at current prices.
The only public companies holding more Bitcoin are MicroStrategy, which owns nearly $17 billion in BTC, and U.S.-based Bitcoin miners Riot and Marathon.
Tesla has yet to publicly comment on the recent Bitcoin movements, and it remains unclear whether the shift signals any change in strategy or merely an internal reorganisation of assets.
Nevertheless, the move has drawn attention in the crypto community, given Tesla’s ongoing influence in the digital currency market.
At the time of writing, the Bitcoin price was $67,340.74.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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