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In summary
- Electric car company Tesla moved all of its Bitcoin last week in a series of transactions, according to Blockchain intelligence firm Arkham Intelligence.
- Arkham believes that Tesla moved the coins to other wallets it controls, since Bitcoin had not been moved for two years before October 15.
- Tesla has not confirmed the moves, but the company still holds 11,509 Bitcoin, valued at approximately $776 million at the time of writing.
Electric car company Tesla moved all of its Bitcoin last week in a flurry of transactions. But Elon Musk’s company likely transferred the coins to other wallets it controls, according to blockchain intelligence firm Arkham Intelligence.
Arkham posted the moves on Tuesday on Twitter (aka
According to Arkham, Bitcoin had not moved for two years before October 15. The coins were placed in seven new wallets believed to be controlled by the company.
“We believe the Tesla wallet movements we reported last week were wallet rotations with Bitcoin still owned by Tesla,” Arkham said.
Tesla did not immediately respond to Decrypt’s questions, nor to last week’s request to confirm the moves.
Tesla’s investment in Bitcoin dates back to 2021, with a $1.5 billion bet on BTC. Billionaire Elon Musk later retracted his support, and the company sold most of its holdings at a loss.
The company’s eccentric CEO said he had concerns about the negative impact that Bitcoin Mining had on the environment, and as a result, the company stopped accepting Bitcoin payments for its cars.
But the Austin, Texas-based company still owns 11,509 Bitcoin, and the value of that Cryptocurrency has grown substantially since the company began unloading its holdings in 2022, worth approximately $776 million at the time of this writing. .
The only public companies that hold more Bitcoin are US Bitcoin miners Riot and Marathon and software company MicroStrategy, the latter holding around $17 billion in BTC.
Edited by Andrew Hayward
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