Elon Musk’s Tesla Moves $760,000,000 in Bitcoin to New Wallets for First Time in Two Years: Arkham Intelligence

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Daily Hodl2024/10/16 16:00

By:by Rhodilee Jean Dolor

Electric car maker Tesla just moved its Bitcoin ( BTC ) holdings that have been untouched for the past two years.

Data from blockchain analytics platform Arkham Intelligence shows that the company made a series of on-chain transactions on October 15th, the first time since June 2022.

Tesla transferred nearly all of the Bitcoin in its reserve worth $760 million at the time to new addresses, leaving just $6.7 worth of the flagship crypto asset.

Tesla bought $1.5 billion worth of Bitcoin in January 2021 and sold 272 million BTC in Q1 of the same year and $936 million BTC in Q2 2022.

It is currently the fourth-biggest corporate owner of the leading crypto asset by market cap. In March this year, Arkham said that the company holds 11,510 BTC ($780 million) across 68 addresses.

Tesla also used to allow customers to pay for purchases using BTC but it stopped supporting the cryptocurrency citing climate concerns. Tesla CEO Elon Musk said that the company will likely resume accepting Bitcoin payments once the mining process becomes more environmentally friendly.

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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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