Electric car maker Tesla just transferred its Bitcoin (BTC) holdings, which had been untouched for the past two years.
Data from blockchain analytics platform Arkham Intelligence show The company announced on October 15 that it had completed a series of on-chain transactions for the first time since June 2022.
Tesla moved almost all of its Bitcoin reserves, worth $760 million at the time, to a new address, leaving only $6.7 worth of its flagship cryptocurrency.
Tesla purchased $1.5 billion worth of Bitcoin in January 2021, sold 272 million BTC in the first quarter of the same year, and 936 million BTC in the second quarter of 2022.
The company is currently the fourth largest corporate owner of top-tier crypto assets by market capitalization. In March of this year, Arkham said the company: 11,510BTC ($780 million) across 68 addresses.
Tesla also previously allowed customers to pay for purchases using BTC, but has discontinued support for the cryptocurrency due to concerns about climate change. Tesla CEO Elon Musk said The company will likely resume accepting Bitcoin payments once the mining process becomes more environmentally friendly.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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